I love when a SR1911 vs. Anything thread comes up!
As far as quality, I would put both on par with each other. Like a fellow poster said, it comes down to personal preference. I don't really care for any extra "frills" on my guns - especially 1911's. If you like front-slide serations, Ambi-safeties, etc...then the S&W is a great choice. I like the Ruger because...well, it's a Ruger...but besides that, it has a tight slide to frame fit, nice trigger (just over 5 lbs), all stainless, all American made, and again - no frills.
I do like the trigger of the S&W a little better (it's a little crisper, and maybe even a little lighter), but besides that, I'm still happy with my Ruger.