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I've had one for years, its been a great gun. Had the trigger smoothed out, but other then that haven't done a thing to it. Very accurate, never has had any problems, and I've easily put 750 + rounds through the thing.
 
They are okay for the most part. One thing to remember is that they were around for a long time and made many different models, most of which are not parts or even mag interchangeable with the 1911. Also they are pretty much out of business last I heard, so no factory support or spare parts.

The big thing to watch out for is that the older pistols had non-inertial firing pins. If you ease the hammer down on a live round, the firing pin would protrude and touch the primer, making it very unsafe (I am not sure about the newer ones, they probably fixed that at some point I would think).

They had some things that were fairly neat, but quality varied quite a bit over the years. I worked at a shop and every once in a while we would get one that was totally unsafe. That seemed to be common with some of the Spanish makers.

My opinion is that if it is really cheap, sure, but if you are talking in the $400+ range, I would look for at least one of the cheap true 1911 clones, if not a Springfield or somesuch. The only Llama I would consider for myself is one of the cute little .22 or .380 1911 style pistols.
 
I asked the same Q on arfcom a while back when I got a trade offer once. I had several comments posted about it not being reliable, safe, or compatible with regular 1911 parts. I decided against it since the company was out of biz and regular 1911 replacement parts wouldn't work. The RockIslandArmory 1911's are cheap and compatible, check those out
 
i think it is an opnion thing. i have had mine for years. have never had any problems with it. no missfires no nothing. yeah there are nicer guns out there but you pay more. for a cheaper 1911 i have no complants.
 

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