Most people don't have the skill to tell much about a 1911 beyond the basic function tests. You can feel the tightness of the barrel lockup by feeling for play on the hood, and I find racking them slowly usually gives me some insight in to the barrel linkage but you need to have felt a bunch to tell much of anything.
Consequently the easiest thing for most people to do is to start with companies with a statistical track record of building dependable guns:
Colt
Springfield
There are others to consider, but that's a complete list of companies building guns around the $1200 mark that I would actually bank on. You can get better guns but the price goes up significantly, as do the wait times in most cases. You can also get decent guns that I wouldn't bet my life on but that should serve for most purposes, and I would put the STI Trojan and up and the S&W E series in that category.
Or you can get entry level guns with little to no hand fitting, built from reverse-engineered specs. Some companies do this well. For an entry level 1911 I like the Ruger. It has some decent features for the buck.
The SIG 1911s are difficult to predict. The first ones were apocalyptically bad. Then they brought in a bunch of good 1911 builders and bought high-quality parts and built some really nice ones. Then they got rid of those builders and figured they'd learned how to do it right on their own. Then they built a bunch of guns that ranged from pretty good to really poor. Then they got better at building the guns...and started cheaping out on parts. Who knows what they're doing now...I have not heard any recent SIGs that will reliably pass the no mag extraction/ejection test (which is not surprising considering how high they put their external extractor...)
Finally you can get CHEAP 1911s and just roll the dice completely, or rebuild them totally. I am currently building a 1911 on a Norinco frame and slide, because I find their frames and slides to be excellent. I am not sure about the barrels yet. I do not like their small parts and I would not trust a chinese spring to close a pez dispenser, let alone stand up to the often pretty punishing duty cycles of 1911s.
The Philippino guns are usually fitted together better than the Chinese guns, but usually have cast frames and slides which probably doesn't matter but should bug a purist. Of course the Ruger is a cast frame too (a Caspian, really) and so are most if not all of the available Springfields.
If I were allocating funds, here is how it would go:
Broke: Norinco + ammo from Canam
Tight: Ruger + ammo from Canam
Cheque to cheque: STI Trojan
Stably employed: Colt XSE or similar
Major promotion: Colt 01970CY
President of the company: Wilson
Own the company and it's going public: Heirloom