I haven't read all the comments so perhaps I am repeating things. Just a little about me, I shoot 1911s competitively and and a B class in USPSA and an Expert in IDPA. I also shoot 3-gun and was 13th of 60 something at my last major match shooting a 1911 when everyone else was using hi-cap 9s. I own two 1911s, a Dan Wesson in 45acp that has 35k+ rounds through it and a Taurus 9mm with about 2-3k through it.
For under $700, I would consider a the SA Range Officer, Taurus PT1911 or the Ruger SR1911. The Taurus will be the cheapest, have good features but will generally be a little rough around the edges. If it is like mine, it will also need a quick trigger job, not because it is a series 80 (ignore Series 70 vs Series 80 when it comes to budget 1911s), but because it will just have too heavy of a trigger. Get the Ruger if you want stainless with carry sights or the Range Officer if you want target sights. The ROs I've handled at competitions have had very good triggers. I've never been a big fan of Colts. There are lots of Colts out there with problems (and below-average triggers). I've yet to see a Colt really distinguish itself from a 1911 costing $100 less at a competition. They do have good resale value, but if you are looking for a long-term shooter, that shouldn't be a consideration.
1911s by their nature do very will with high round counts, but so do basically all semi-auto pistols. Shooting 20k rounds through a pistol with only minor maintenance is to be expected. With my high-round count 1911, the Dan Wesson, I've worn out a magazine release, broken off the front sight, damaged the ejector and ejector pin (but managed to salvage the ejector) and broken the hammer. Dan Wesson replaced the hammer, but all in all the total cost of shooting a mountain of ammo out of the gun has been around $100. Occasionally things break on a high wear-and-tear gun.
Just don't loose sight of the fact that there is a difference between budget and beginner. It has been my experience that I can out-shoot most with either my Taurus or my Dan Wesson.