I bought a parked Milspec in mid-2002.
Trigger was so-so, but most triggers are. Besides, I figure I'll need a trigger job for any pistol I own because I want them all to function the same, or as nearly the same as is possible. Bottom line: So-so trigger was a non-factor.
Two-piece barrel had less consistency than a random-number generator. If you aimed dead center of a pie plate at 15 yards, all the shots stayed on the pie plate, but you could never predict where they would hit. That was disappointing. Kept the bushing but replaced the barrel with a unfired Colt GM barrel I bought for $10 from a guy who had immediately replaced it with an aftermarket barrel before ever shooting his gun. My gunsmith fit the barrel to make sure it was properly set up. Cost was 0 since he was doing the trigger job at the same time. Now from 15 yards I get 1-3/4" groups with Magtech when I shoot from a pistol rest. Bottom line: Bad factory barrel was a bummer but easily and inexpensively remedied.
Replaced the cheesy factory plastic grips with black Alumagrips. Grips are so personal that it's difficult to advise people about them except to list the good and bad features. Good Alumagrip features: durable, attractive (to me), excellent grip without sharpness, light weight, probably provide more safety to my hands if a round explodes in the magazine. Bad Alumagrip features: cool or cold to the touch regardless of weather, not attractive to some folks, not traditional. Bottom line: Make a list of what features you want and what you don't want, and then pick a set.
Reliability has been excellent. The extractor somehow got tweeked after about 1000 rounds, causing some FTEs. Now have 3000 total rounds through it. All other failures have been due to a bad magazine follower and some bad factory ammo. Bottom line: I trust the gun (and I case gauge all ammo).
Total bottom line: My Milspec is a keeper; it's the perfect range gun that can also serve as a BUG at home; it shoots better than I do and at a very low price.
EDITED TO ADD: The only other mods were replacing the stock trigger with a black target trigger from Kings and adding some skateboard tape to the front strap.