A titanium firing pin and extra power firing pin spring will provide some protection from an accidental discharge that may result if the gun is dropped. The downside is that a titanium pin MAY affect reliable ignition according to some. Walt Kuleck and Drake Oldham have an excellent chapter on Drop Tests using titanium vs. steel firing pins in their excellent book, "The M1911 Complete Assembly Guide".
In my experience, they are more trouble than they are worth. Due to their reduced mass, in certain guns there are relialbility issues due to lighter primer strikes, and titanium does not hold up well over time compared to steel firing pins.