I can't make a judgment on the Taurus, as I don't own one and have never fired one. I've heard those who have purchased them say that they're a good gun for the money. I do own a Smith 1911, the all stainless 108282 model. I paid a hair over $700 for this gun on Gunbroker, from Bud's Gun Shop just a few weeks ago. The gun is a great performer, I've had no malfunctions with it using both 230 grain ball and handloaded ammo using 200 grain Hornady XTP bullets. The gun is tight, has a nice trigger pull and is more accurate than I am. Speaking for myself, I also like the looks of the Smith better than the Taurus. I'm extremely pleased with the Smith and can recommend it.
Personally, I think it comes down to what your situation is. What do you want to use the gun for? Either one should serve well as a range shooter. I think that Smith will have more models suitable for concealment, but I'm not that familiar with the variations of the Taurus 1911, if any. How important is customer service? That would definitely give a nod to the Smith. If you can't afford the extra $150 to $250 that the Smith will cost, go for the Taurus. I think if you want a little more refinement and a gun that'll hold resale better, the Smith is the choice. I have several other Taurus handguns, and they have all served me well, but the last one that I bought was in 1993, so I can't speak to their current production.