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I don't have any experience with them but I agree they sure are pretty. I'm actually thinking of looking into them a bit closer as I'm looking for another 1911 in true commander length (4.25") and it seem like Colt, Dan Wesson and Smith & Wesson are about the only choices left unless you want something made in the philippines. The external extractor is a bit of a turn off but I've never owned a 1911 with one so I can't really knock it...yet.
The E-series (current ones at least) I'm pretty sure they've made some of the recomended changes and have are having good success with the extractor. I have no first hand knowledge but when first being released 10-8 Performance was blogging a bit and had nothing but good to say. If you could swing a little more I'd look for the DW, but would have no issues with the smith.
I've got one as my daily carry. It is amazing. Very light weight, excellent construction, not any additional recoil (about the same as my GI model), and super reliable. I can't recommend them enough.
I too have been thinking I need (want) a light weight 1911. I have always liked the idea of the S&W product and they have a number of pistols that are very nice. However, the one time I had a chance to handle one I was not impressed with the fit of the beavertail (frame gap). Have not checked them for some time and hope they have addressed this cosmetic point.
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