I attempted to compete with it today, and shot well with it. The problem is that the dang thing wouldn't run consistently. I had at least four failures to go into battery, and all those malfunctions caused me to take too much time to classify.
Chances are it needs new springs, and perhaps some new magazines. But that's the problem with a hundred year old design. Get a Glock and shoot the recoil spring to death in it, and it'll still run. That'll be true of several new gun designs: they're just engineered from the ground up to have fewer parts and to run with minimal maintenance. That's definitely not the 1911.
The 1911 still has some characteristics that are outstanding: they're typically very accurate guns that are easy to shoot well. A tuned single action trigger in one is an amazing thing. They're only an inch wide, so they're easy to conceal...although a steel 1911 is a heavy beast by the end of the day.
They have other downsides, too: they're magazine finicky, and as Ken Hackathorn has stated, they're "the king of feedway stoppages". Add to that their limited magazine capacity, and I think I'm pretty much done with the 1911. The upside isn't outweighing the downside. I'm beginning the process of considering what to do with the gun. It may end up traded or sold for an MnP .45 or perhaps a Glock 21 or 30. I miss my old 30.