"Being able to have one in the chamber with the hammer down but off the pin and safety off is much safer than cocked and locked. "
.....unless you drop it ......... and it lands on the hammer...... which means the muzzle is pointing up at ......YOU. ....or you bump the hammer with anything (edge of the counter top, side mirror on the car, etc.) ........
I carried my first 1911 in condition 3 (Chamber empty, loaded magazine) and drilled to rack on the draw because I was afraid to carry cocked and locked. I had a cheap soft suede holster that I carried in and did dry-fire practice with around the house before CCW was legal in NE........ several times the saftey came disengaged...... I just could not get past the mental image of a powder gas enema........ after being lambasted at THR by Lady Tam and ccwne.com by others, I got a quality gun and holster and carried the 1911 as it was designed to be carried: Condition 1.
Jay, it seems you got a better gun than I did for just a mite more...... my Charles Daly set me back 400 bucks a few years back....... accounting for inflation, you got a helluva deal!