Nighthawk was founded by a group of Wilson employees that had some personal differences with the management at Wilson Combat. Both companies are in one town, which should probably get the official designation of "Ultimate 1911 Town" at this point. Nighthawk's master smiths are formerly Wilson master smiths. Nighthawk's decades of experience were once Wilson's decades of experience. The schism contributed to Wilson's lengthy waits... but pretty much immediately Nighthawk was in enough demand to have a similar wait. These days Nighthawk is around a 24 month US wait and so is Wilson's. Both occupy the the tactical wunderpistol market niche and compete there directly.
The reason the above is important, is to establish sort of a baseline for expectations. Nighthawk Custom and Wilson Combat guns have the shared lineage discussed above. Their employees are using the same techniques perfected over decades of doing it and doing it right. Blindfolded, you'd have a pretty difficult task of telling a Wilson apart from a Nighthawk unless you'd handled dozens upon dozens and have gotten used to the differences in serration widths
Both companies pour more man-hours into their pistols than even most of the custom shops, and coming from a shared heritage they share a level of expertise that has always set them apart. Both companies make use of all the finer niceties that some other companies don't, or charge extra for, such as the beveled take down pin recess, chamfering of slides, ball radius cuts, and flush cut crowns on the barrels. The resultant 1911s are astoundingly well-made. I've never met anyone who bought either and regretted it. They're simply exceptional guns. Nighthawk's compact models are currently a strong contender for best of breed at the moment. Wilson has been branching out lately to other models of gun/parts for guns. Both build fantastic customized 870s.
Either company is a safe bet for the best 1911 in the world these days. You can ask ten collectors/shooters and watch them split evenly down the middle. Neither side will be wrong.
Cheers,
Daniel