I can bring some firsthand experience to the conversation. Yes I was one of the Dumb A$$es to buy one back in December of 93. It didn't take long to recognize a mistake and rid myself of the turd, but yep I did it.
They didn't nick name it the "Double Beagle" for no reason.
The year this abortion debuted at SHOT several of us ended up at a table for dinner one evening with a well known gun scribe who happened to have one of the first few samples of the pistol. Another well known small arms expert asked what he thought about the gun. The scribe proceeded with a litany of all that was F#*^%$ up with the pistol. When this scribe's write-up on the gun appeared in a well respected publication a few months later lo and behold the gun was the next best thing to come along since sliced bread. Haven't read any of the guys stuff since then!
Colt did not make many of any model in 40 S&W. I found a Officers model Double Eagle in 45ACP years ago for under $500. It was an ex police pistol so wear on the outside but the the inside is nice. I got it to take apart and shoot a bit. Interesting pistols in some ways.
The Double Eagle was the first real proof that Colt no longer had an effective R&D team on board. It literally was a bastardized 1911 with a frame modified use a Seecamp-style DA mechanism. Besides the horrid ergonomics and Picasso-inspired profile the way the parts were held in purely by the grip panels was dumber than any Bubba gunsmith could ever come up with. The Mark II version fixed that, but the ugly looks and poor ergos remained. Colt was simply too lazy and incompetent to simply design a new DA pistol from the ground up.
And of course the All-American 2000 was a similar fiasco. Colt's engineers couldn't come up with a new 9mm pistol so they bought somebody else's design, then they screwed with it until it became a similar abortion as the Double Eagle.
Well... they did try the 1991 DAO a few years ago. It was a better-looking DA .45 than the Double Eagle, but again it was just a converted 1911. The few who bought one seemed to like it, but it was discontinued after less than a year and very few made it out into the wild. And then there was the polymer-framed Mustang XSP, which seemed like a good idea to me but was also dropped from the lineup after a short production run. Since both were simply regurgitations of existing designs I guess you could say they haven't made anything truly new since the All-American 2000. While the resurrections of the Python and Anaconda are good steps forward, Colt can't just keep bringing back stuff from their past catalog if they want to become relevant again. I'm keeping my fingers crossed that CZ will ultimately break this cycle.