I bought a Taurus PT1911 a couple months ago and am very pleased with it. I'm surprised we haven't seen anything on here yet about them.
The frame and slide are reported to be forged. Pretty much everything inside is MIM. The thumb safety and grip safety appear to be standard STI parts. The checkering on the front strap and under the trigger guard is rudementary but functional. The sights are the same sights Taurus uses on the 24/7 service pistol. The magazine looks like a Novak mag but the base plate has a little different shape to it and the mags are marked as made in Brazil.
Interally, the gun is all 1911 Series 80, with the exception of a funky hammer lock on the hammer.
I haven't run a huge amount of rounds through mine yet. So far it feeds ball and 200 LSWC from Power Mags and Novak mags with no problems.
Richard Heinie reported over on the 1911 Forum that he had one and was pleased with it, given the limited testing he's done. Supposedly he's got some different sights in the works.
Here's mine all stripped:
