I had a regular 220 SAO, the trigger pull could be shorter, that's about my only complaint. All in all I liked my 1911 better as far as SAO .45s go.
I'm fairly certain that the cause of the failure you mention has been corrected, but I can't for the life of me remember what it was, I think something goofy with the external extractor...gee where have I heard that before???
Regarding price, if you're willing to buy used, you may hit your target price, I know of a regular 220 SAO for sale for $650, so a 220 Carry in that price range is not a crazy idea.
FWIW I did really like the 220, it shot wonderfully, and carried well in my IWB. But I just liked the steel framed 1911 better. Had I been interested in a non SAO .45, a 220 Carry would have probably been just the gun I was looking for.