Howdy!!
This is my take on the Colts, I have two, and I also have clones and rugers and like them all, so I'll try and be as unbiased as I can.
The third generation Colts don't appear to be quiite the quality of the second generation, and the first generation are to me, more of a collector item, not that they aren't shootable, some people do, but they are not "shooters" as far as I am concerned, far too valuable.
The new colts frequently need a bit of polishing and smoothing of the action to be a competitive pistol, but that's not uncommon for ANY SAA.
Probably the best quality SAA is the USFA (U.S.FireArms)
http://www.usfirearms.com these are being made in the old Colt factory. They are about the same price as a new Colt. I guess next in decending order would be the now American made AWA, (I don't seem to have the url handy) then the Italian models, which seem to have improved tremendiously in the last few years. Some people will tell you that there is a difference in quality from one importer to another. I cannot say. I would think that coming from the same production line, I'd have my doubts.
The new $650 colt is not a traditional SAA design. It uses a transfer bar system liscensed from ruger. There are some people that think they are great. I had one, it was not great, it wasn't good, it wasn't even ok. It would not fire 6 chambers, even after a trip back to colt, and the reputable smiths I know wouldn't touch it. They told me to send it back to colt. I traded it for two OLD colt clones that had pitted chambers and bores and I STILL think I got the best end of the trade.
You can spend LARGE dollars on an upper end clone. A USFA nickel plated, "D" engraved wit Ivory grips is a thing of beauty!! However it will NEVER be anything other than a Pretty, Expensive Colt Clone
New Colts are quite acceptable out of the box for packin or plinkin. It packs a pretty good punch for a 125 year old design and cartridge. They are pretty damn reliable, having a hard time remembering off the top of my head, but there's what? six moving parts??
They are not up for the kind of loads that you can put through a ruger, but I can't think of why anyone would want that kind of power in a light frame with fixed sights. It would seeme to me that once a bullet has gone completly through man/deer sized targets, anymore is wasted.
New Colts are expensive, second generation Colts are even more expensive. For shooting competition they need a little bit of gun smithing, and for the price you pay for one, you'd hope that it wouldn't be necessary, but that isn't the case. I really believe that a lot of folks are trying to justify to them selves reasons for not forking over that much money. I was one of them. So I can now tell you from experience, that regardless of how much you spend, there is NOTHING like a Colt.