I've never owned one, but I've shot many of the ultra-expensive 1911's. They are very nice to look at, and generally very nice to shoot--when they're not being a pain in the butt.
The main pro and con to these type of 1911's, is the fact that they're built with ultra-tight tolerances. Having such tight tolerances makes for an amazingly smooth and accurate gun, but this can (and often has in my experiences) create real feeding (and other) issues. With the tolerances being as tight as they often are, this leaves almost no room for the slightest imperfections when it comes to the ammo itself. Everything has to be perfect.
If I had the extra money to blow, I can't say I'd never own one, but I can promise you one thing, I'd never let my life depend on it.
This is just my opinion based on my experiences, and I'm sure there are many who would disagree. Even the owners of the gun's I've shot think I'm crazy. They swear by them.