If you're asking the question, you probably already feel that the Colt 1917 is acceptable to you. Therefore get it and have some fun until the S&W comes along. Personally I will only own Colt Single actions and automatics. To me the 1917 Colt is just ergonomically, mechanically and aesthetically unacceptable. But I've shot them and find nothing wrong with their accuracy or reliability. The only DAs I will own are S&Ws.

One advantage to the Colt as M2MikeGolf alluded to above is the bored thru chamber with no shoulder for the 45 ACP case mouth to seat on, i.e., headspace (which makes it a charge hole) is that it can chamber the longer 45 Colt cartridge and many of the 1917s will fire them reliably. But my understanding is that only the earlier Colt 1917s have charge holes so check on those you'e seen for a factory shoulder cut in the chamber for the length of the 45 ACP.

Also when buying any 1917 Colt or S&W make sure they haven't been rechambered/modified to shoot something other than 45 ACP.

Hope this helps,

__________________
Jim
S&WCA #819