The indoor range cum gun store near my house has one in the display case. It might be a nice toy, but to my eye, it's an ugly setup. It looks a little bit like the barrel/receiver piece off a gigantic Ruger Standard automatic.
I've not heard if it does any damage to your frame, etc., that you will have to deal with if and when you want to restore your 1911 to original condition. I think it is supposed to be harmless.
If God didn't want us to own guns, why did He make the 1911?