In my opinion, the Mk IV Colts mark the low point of Colt quality. This opinion comes from owning and handling many Colts. I currently have a Mk IV 38super in my Colt corral that required an aftermarket barrel bushing. The stock bushing rattled more than the trademark slide-to-frame rattle. It patterned appropriately to bushing fit. Bought an EGW bushing and now its a shooter. In comparison, I picked up a Colt 1991 Government model last year that has become my USPSA Limited 10 competition pistol, displacing the S&W 1911 that was filling the role. This 1991 is probably the most accurate out-of-the-box 1911 I've fired! Barrel and bushing are fit extremely well. Slide-to-frame fit is approaching the rest of the field (S&W, Kimber, Springfield, etc).
So, look the pistol over well before you jump in. Personally, the price is good, but I'd verify the barrel locks tight into the slide locking lugs before I bought it. I don't mind replacing the bushing ($20-$30), but having a barrel refit or replaced is another story.
