They are made in the Philippines, as are the Charles Daly/Rock Island/Citadel brands. They aren't that great, but aren't that bad either. Their website is http://www.armscor.com.ph/ . Don't get over excited on the price, it's not a smoking hot deal, they just cost less, but $350 is a good new gun price. I don't see any reason to not buy it as long as it's from a reputable dealer and you can SEE the gun in person before buying it.
You can read up more on them HERE and get some feeback from owners.
The fit and finish of them isn't what you'll find from Springfield or etc. and the frames are cast, not forged that matters to some. As far as low end 1911s you can do worse than an Armscor, but it's hard to do better.