I have a two tone, 5" Combat Elite, and it's a very nice gun. I had looked for one for a long time before finding mine about 5 years ago. Doesn't look like it's been fired after it left the factory, and I haven't shot it yet... It's a well made gun in terms of fit and finish.
I've got several Colt 1911s, and all of them have been great, and super reliable guns. Baer, Nighthawk, Ed Brown, and those type of semi-Custom 1911s are in a different league in terms of how they are fit/assembled, some components, and in terms of cost. Colt is well made, though, with a forged frame (instead of cast like less expensive 1911s like Ruger), and they use minimal MIM parts compared to less expensive 1911s. There are different models of Colts that are given more attention (some of the Custom Shop guns). I've got a Colt Special Combat Government from the Custom shop that is a very nicely fit, and a very accurate gun. I've got other Colts that also have great triggers and shoot great.
I've got a Les Baer, and it's really nice, very tightly fit, and it's accurate, but I still think my Colts are still nice quality in comparison. Really depends on what you're looking to do with the gun. In terms of accuracy, my Les Baer is guaranteed to shoot 1.5" groups at 25 yards. Off hand, I can't do that, nor can I really see a difference in accuracy compared to a couple of my really good shooting Colts. The Baer is arguably 'better quality,' but my Colts are still very nice, for less money. Again, really depends on what you're looking for. Colts have traditionally held their value, as well...
Personally, I think if you like the platform, get a Colt, it's the original, they're made well, and hold their value. But, if you really want a higher dollar, higher end gun, grab a semi custom gun like a Brown, Baer, Wilson (I'd invest in the higher end Wilson line), Nightwawk, etc. They are super nice.
Hope this helps.