I have a RIA GI 1911. It's reliable, feeds and functions flawlessly after the break-in period (200 rounds for me) with all FMJ's. I've only tried two types of hollow points: winchester white box, which jam, and winchester ranger T series hollow points, which feed flawlessly.
With the right hollow point, it's a truly great weapon.
That said, the sights are severely lacking. The GI model has the original low profile sights that aren't exactly the easiest things in the world to line up. The front sight post is staked in as well, so it'd be a pain in the rear if you wanted to replace the stock sights yourself.
Oh, and it bites. I'd consider looking into a beaver tail safety if you go with it....
My suggestion:
Go for the RIA tactical model, or better yet, a para ordnance GI expert.
A buddy of mine got a para ordnance GI expert not too long ago, and It's amazing. Everything I don't like about my RIA GI 1911, it doesn't have.