Keltec P15. They are making alloy framed guns now.

[kenemoore]

LGS has Tias in the 4-500 range, not seen anything under $300. I have seen, online, a Gov't model for 329.

[berettabone]

IMHO, I think that finish is the most important thing with 1911's. I've owned a few "cheaper" models, and many of them can have some very sharp edges. They all function the same otherwise.