Unless you knew where to look, you'd never notice it, and it probably wouldn't affect functioning in the least.
That said, you call them, they'll own up to the problem and fix it.
I am glad I read this forum. That's another inspection point that I'll be sure to make before putting any cash down on a blued or stainless Series 70.
I agree it is most likely only a cosmetic flaw. It sounds like Colt will fix the problem. I agree it should be one of the things you glance at when buying a gun.
My opinion is that when you are paying a premium for the Colt name (as rightly pointed out in several other posts), you shouldn't have
to have a list of factory defects to look for in a brand new gun. We are not talking about a car here with thousands of parts and computers interacting with everything. We're talking about a gun designed (for the most part) a hundred years ago with what, 60 parts?
Perhaps the dealers ought to be a little more on our side looking for problems in new guns, the same way the car dealer "preps" a car before they sell it. I'm not saying they need to shoot 1000 rounds to see if the frame cracks, but easy to spot blems such as this should (and probably are more than we know) be returned by the dealer prior to the sale.
I started a thread yesterday ( http://forums.1911forum.com/showthread.php?t=124045
) asking why Colt appears to be in such dire financial straits. I'm sure stuff like this doesn't exactly instill confidence in the first time buyer.