With Colt, as with any maker there will always be the pro's and the con's. Usually its about history and personal pride. I always liken it to the decal you see on vehicles which shows Calvin (from Calvin & Hobbes) pissing on the logo of the owners perceived 'bad product' either Ford, GMC, Dodge or whatever, same thing goes for firearms.
I like Colts because of the history, their collectability over a long period of manufacturing and generally their simple, rugged looks. As a result, when I look at other 1911's for instance, I make faces, stick out my tongue and generally act like I know better 'the one true way'. Reality is though, I don't care, people take pride in themselves and their choices and to some degree it becomes a part of their 'firearms' persona.
Yes, if you want a 1911 to shoot and don't care much else, there are lots of good 1911's to find easily, pick up and shoot. But if you just gotta have a Colt, they are around and come in every once in a while, you just have to wait to find the opportunity.
I haven't heard anything about the no-Colt-to-Canada thing, I doubt thats the case, but what can't be argued with is that they aren't a 'big' import item and I think that always comes down to the market and cost, in this case the Colt name will always mean you're spending a lot more than other similar 1911s, and most people can't or won't drop $1600 on a 1911.