SayUncle points to a really good article on buying a 1911.

I personally look at my guns as tools, first and foremost. To me the 1911 is like a custom car or motorcycle. While a pimped-out 1911 should work better (or at least as good) as factory gun, it certainly makes a statement. I think of my 1911 more of my "dress uniform" pistol, rather than my daily workhorse.

I am not to saying that the 1911 is in anyway obsolete, it is just more ornamental than the more utilitarian offerings from Glock or SIG. I can't think of a practical reason to prefer a 1911 over another type of handgun unless you are going to trick it out. I don't think you can really call yourself an American unless you own at least one 1911. I am not all that much of a fan and I own three.

If you are going to go the full-custom route, make sure you factor the expense of buying a Glock. Good gunsmiths are pretty rare, and they usually have a backlog of work so make sure you have something functional for the months (or years) that your custom gun is getting rebuilt.