Well Ben, you're right on the probably Rack grade part.
Go cruise the auction sites. A USGI 1911 in any kind of decent shape goes for $1900-$2000 easy. Nice ones for $3000-$3500. I saw a Remington Rand FRAME the other day for about $800, and the reserve hadn't even been met.
Gun Show mixmaster US Gov marked 1911's? I see them for $1500-$2000 all the time.
So if CMP offers them for ~$1000, and they have all the parts, that's a pretty good deal.
So, if all you want is a 1911, there are better options.
Oh Yeah. Whoever buys these will probably be paying on the order of ~$700 for that "US Government Property" roll mark. It'll come with a $300 parts gun. I would say this is for the person who probably already has a couple 1911's, and wants to collect a genuine Army M1911A1, but doesn't want it enough to pay the $3000 a nice one costs.
So......Me.