I have an RIA Tactical, and I love it. I don't know if their quality has suffered in the year or two since i got mine, but mine runs fairly decent (any problems it had I could narrow to specific magazines,)
The finish sucks. I carry mine in kydex, and I had bare metal showing on the slide in short order. Not that the whole slide was naked, just on the corner where it rubs.
The front sight on mine was way too tall. Like at seven yards, with a decent sight picture, the gun would shoot maybe six inches low. I took a file to the range one day and sorted that out. I'd still like to stick some better sights on it some day, which might be a problem. I've read that the RIA dovetails are slightly off standard. I need to find a pistol smith to talk to.
I did do some work to mine, mostly because I like to take stuff apart and tinker with it, rather than out of any actual need. Just little stuff like tweaking the trigger bow and polishing up the internals. The most drastic work I did was to fit a new barrel bushing, which required little to no modification of the gun itself. I've always been of a "modify the cheap part" school of thought - I'd rather screw up a fourteen dollar bushing than the slide, y'know?
Keep in mind, I've never handled or fired a higher-dollar 1911, so maybe I don't know what I'm missing. For the money though, I like the RIA.