The COLT icon has a lot of history behind it, good quality guns, however they have had their butts kicked in the 1911 department the last several years from several competitors.
With Colt, you are getting a minimum of MIM
Colt makes fine firearms, but you are paying for the name. AR's are another big example. You can get rifles made to the EXACT or better specs with a better warranty for less than you pay for a Colt.