Well, after nearly two years of not seeing any new Colts around here, I finally came across one at a store in a neighboring town and decided to take a chance on it as a Father's Day present to myself.
It's one of the new models, with fewer features than the previous XS models but $100 more in price.

Frankly, for $800 I would have expected at least some high-profile fixed sights, but what can ya do?
Anyway, I took it to the range today and bought a couple hundred rounds of Wolf 45 (which wasn't my first choice but it was all they had) and a hundred rounds of Hydrashok and Golden Saber JHPs.
First observation: I will never buy Wolf 45 again. Although I had no jams, I could tell that the loadings of the rounds were NOT consistent...some recoiled more than others. Frankly it worried me and I don't like worrying about the ammo I am shooting.
Second, the gun didn't jam once, which was nice but also expected: I have yet to find a major-brand factory 1911 that has had any sort of significant reliability problems.
What DID surprise me was the accuracy. It wasn't on a par with my Kimber Gold Match, but it was certainly as good as any other 1911 of its price range. The trigger breaks very cleanly and isn't too heavy and the beavertail is well-designed to keep the gun comfortably pointed in my hand.
Besides the sights being less than what I would expect on an $800 gun, I had only one other complaint---the safety is hard to put on and seemed to get stiffer as I shot the gun.
Taking it off was easy and I got a nice positive snap when taking it off, but putting it on was a bit of a pain. Hopefully it will loosen up as I shoot it more. Or perhaps I will replace it with a Wilson safety when I have the sights replaced with Novaks.
Other than replacing the sights (and maybe the safety if it doesn't loosen up a bit) and possibly replacing the plastic MHS with a metal one (not strictly necessary but I may as well have it done while the gun is at the smith) I can't think of anything else that needs to be done.
All in all a very nice gun, though overpriced by about $100 IMHO.
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A man with a watch knows what time it is; a man with two watches isn't so sure