Most responses to this questions has been very favorable. As with any C&R pistol, quality can vary; however, I purchased one recently from a dealer I know well in Florida for $335.... it looks and fires very well... is real tight... a great feel and fun to shoot...mine shoots a little high, but could be me instead of the gun. I've also seen them locally for $380 in excellent condition. I think for a true colt, you can't beat them. I've read they are much better than the Ballester-Molina(?).
I have just completed an entire website dedicated to the Sistemas and modifications to them. Check it out for all you could ever want to know about these great pistols. http://www.roderuscustom.tzo.com
Hope that helps
I guess if we do that.....maybe we all earn the right to go home......
I bought one three months ago from cruffler.com (via JLD Enterprises) for $300 (plus DROS, FFL fee, CA sales tax). Have put about 500 rounds through it so far with no hiccups. Good gun. You'll probably want a beavertail safety grip to avoid hammer bite but otherwise it's good to go, stock or tweaked. This is my first 1911 so I wanted to start basic and traditional. Recommended.