I have a P14-45 Limited (maybe 8 years old) and a P14-45 LDA I picked up a couple months ago. The Limited had the rear sight loosen up and try to escape in the first couple hundred rounds, which Loctite has cured. I've never had issues with factory ammo - it is pickier on the dimensions of my reloads than my other 45s. No other issues, but it has not seen heavy use.
The LDA has only about 150 through it - so far, it works, but I've already had to do some fitting between the inside of the receiver where the bottom of the slide moves inside the dustcover. A burr in there was chewing up the painted finish on the slide. My brother picked up an identical pistol to this as part of the same buy, and his went back to Para on day one because of bubbles in the paint that started flaking off as soon as he started shooting it. Someone should tell the paint shop to stop getting oil drops on the pieces just after degreasing.
So, I really want to love my Paras, but the best I've managed is a mild case of like. Fit and finish are obviously an issue with them. Unfortunately, they aren't a lot of options for 1911s in the PRofMA. At worst, they would make a good base for a gunsmith to work from.
I have no data on S&W 1911s.