It Is An Early PC Pistol!
pjv;
That PC1911 predates the E models by several years I believe.
I purchased this PC1911 (JMB12XX) new on 11/08/2006 and they had been out a couple of years before that.
When I bought my SW1911E 12/24/2012 they had been out for about a year or so I believe.
The earlier PC1911s like the one you pictured and mine had an MSRP of about $2,500.
When the next iteration of PC 1911s came out the MSRP dropped to about $1,800 or so.
I asked an S&W PC rep at the NRA convention in Nashville years ago why the price dropped so.
I was told that the earlier PC 1911s were made for the Performance Center from the ground up whereas the newer ones were based on the E models.
The only thing I did to mine was replace the front sight with a FO one and then shot it in IDPA CDP for a couple of years.
Oh, and it shot very well too.
I haven't shot it in several years and it is one that I think will be going to a new owner soon.
If you buy your friend's gun I'm sure you'll enjoy it, especially if you shoot it.
Cheers
James