From what I understand, there are only two significant changes S&W did to the Colt 1911 Series 80 design. The first you noted... an external extractor. The second is the "Series 80" firing block. Colt's design uses the trigger to deactivate the firing pin block (the source of complaints from purist who believe it adds too much weight to the trigger pull). S&W uses the same firing pin blocking method, but uses the grip safety to deactivate it. Hence, you "should" be able to get a crisper trigger pull from the S&W. I don't shoot competition with a 2oz. trigger, so I really don't see the difference. My current USPSA Limited 10 gun is a box-stock Colt 1991 Government Model (well, I did add an S&A Magwell with arched mainspring hosing and an Ed Brown Extended Tactical Mag Release). The matches I shot with the S&W went flawlessly on the pistol's part. With Colt's December 2004 price increase, S&W is becoming today's 1911 bargain in my thoughts.