I purchased my 1911R1 about a month ago because I wanted to buy a 1911 as a gift to myself and because it was the 100th anniversary of the 1911. Only 50 rounds through it so far, but no problems of any kind except perhaps getting adjusted to a 1911 again after being away from the model for 25+ years. I was a competitive pistol shooter (NRA bullseye) for years, but because of department requirements I was forced to use, teach and carry Glocks.
I find the gun to be well made and tight. Accuracy was not exceptional but I wasn't really doing an accuracy test, just a light break-in. Generally 2-3" group at 15-20 yds. I am looking forward to further break-in shooting sessions. When I get another 200 rounds through it I should have a better idea of the guns true capabilities and any problems it may have.
I bought the gun after considering several other manufacturers. Prices ranged all over the place. I paid $625+tax and felt it was a good deal. I do admit I was looking for a more traditional version of the 1911 rather than one of the more modern versions. Specifically I wanted a standard GI type guide rod and spring rather than the full length version that seems to be so popular these days. If I decide to modify this gun with a beaver tail grip safety, hammer and perhaps different sights, I believe this is a good model to start with. I also liked the fact that the gun is built entirely in the US (I think). I looked at several Kimbers, but the one I liked, with the characteristics I wanted, was over $1300.
I think the gun is well made and a solid buy even at the MSRP. The difference between the series 70 or 80 is not an issue with me as I have owned and fired both and find no real differences. IMO, if you buy one you will like it.