I've shot mine in many IDPA matches as well as a few local steel matches. Seen every type of 1911 represented.
The max distance your shooting at these matches is about 35 yards and the Taurus is plenty accurate out to 35 yards. The biggest thing the high dollar guns have over the taurus is the quality of the internal parts...mostly tool steel instead of MIM parts and tool steel does seem to hold up better over the course thousands of rounds
Thats not to say that the high dollar guns aren't more accurate its just that unless you start shooting at the Master levels your ability to out shoot the gun isn't there.
Better to spend your money on a timer, bullets, and lessons, and practice, as opposed to a new pistol.
Now if I were shooting bullseye theres allot to be said for the higher dollar guns that are garunteed 1.5 inch accuracy at 50 yards. The PT1911 isn't set up to be a bullseye gun though.
Mine has 5,000 plus rounds through it and the slide fit is much looser than new. It rattles when I shake it but was dead nuts reliable and I recently added a dawson precision front sight which really really made shooting at 20 yards or longer much easier.