This is just my opinion and experience.
Unless you are willing to fork out BIG BUCKS ($2000+) for a custom 1911 I would go with the 686. The 1911 platform just does not lend itself well to mass production. Now when a 1911 is built by a skilled craftsman you can get no better. You do pay for it though.
Really???????? What dimension did you pick that bit of wisdom from. I have a Ruger SR1911 with 800 rounds downrange at this point without one single malfunction. Of that total 100 rounds have been the 230 grain Speer Gold Dots and it like these hollowpoints just fine.
As for the negatives.
A 1911 "pro" would say the slide to frame fit is too loose. Personally I regard the fit between slide and frame as a "Service" fit, which means that function trumps accuracy and good reliable function normally requires a somewhat "loose" fit. I'm also of the opinion that the frame to slide fit isn't as nearly as critical as some state, if you are shooting by the sights it's the barrel to slide fit that is critical, the frame only comes into play when the gun is clamped in a shooting vise. From a benchrest it'll group between 2 and 2 1/2 inches at 25 yards depending on what I'm shooting, seems to really like those Gold Dots and it's a real shame they are nearly a buck a round. Basically, the SR1911 is a good Combat pistol, which is what John Browning intended.
The trigger is a bit creepy when compared to the single action trigger on a S&W revolver. For about 100 dollars I can get Wilson Combat's hammer and sear and that will clean up the trigger a good bit.
The Ruger magazines have rather ragged feed lips. This make them a bit more difficult to load and the gouge up the brass more than I would like to see. The solution here is to stuff the Ruger magazines in a drawer and pick up some Wilson Combat magazines, my favorite is the 47D.
The positives. First, it's a VERY well balanced package. You get features that are today considered "essential" but none of the fluff that comes with the high priced 1911's. Not really a fan of the ambi safeties, they make tearing the gun down a lot more difficult and that hollow cross shaft has been known to break. However I do like an extended safety and the one on the Ruger is perfect for size. I also like the sights, big white dots may be a bit generic but for old farts they are MUCH easier to see than the original service sights on a 1911. The extended mag release is IMO just slightly into the fluff category but it's been secure while carrying the pistol so I won't complain about it. The Ruger SR1911 is a Series 70 design, which means that it's
MUCH easier to tune and somewhat easier to work on. BTW, Ruger uses a Titanium firing pin and robust firing pin spring to insure it's "drop safe" and it's met California's standard for drop safety. Finally, it's a series 70 1911, one of the easiest firearms on the planet to work on or customize.
BTW, the selling price for the SR1911 can range from about 650 dollars up to 800, so it's wise to shop around if possible. However, the SR1911 is currently in short supply so those who want one can end up paying a premium to actually get one.
Now concerning on which to choose, a 686 or a 1911. That is such a difficult question to answer the only suggestion I can make is to get both. If you just can't afford both at this time then I would recomend the 1911. As for why, it's all about ammo cost and availability. You can get the Federal Champion 45ACP for 17.97 per box at Walmart. In contrast the Walmarts in my area haven't had ANY 38 spl for about 3 years now and the 357 Magnum Federal Champion is something like 24 dollars a box. Bascially, for me it's cheaper to shoot the 45ACP. BTW, if you get a 625 instead of the 686 you get a great revolver in 45ACP, a bit of having your cake and eating it too.