Yes, Rock River Arms make both high quality AR's, and super nice 1911's.
There are some slight differences I'll explain.
Colt and Bushmaster both use 4150 steel for their barrels, where RRA only uses 4140. With chrome lining, those specifications pretty much turn irrelevant, but you must mention you want chrome lining as an option for an RRA if you're purchasing. (Which will cost you a little more, but still remain cheaper than the others) Colt and Bushmaster come standard with chrome lining. (Except stainless barrels and a few target barrels.)
Bushy magnetic particle inspects a small number of bolt runs, where Colt MP's them all. This may seem quite significant, but statistics show it's really not. It's very rare to hear of bolt failures from any of the big names anymore.
Rock River's typically come with two stage triggers. I myself like good single stage triggers better, but it's still a big plus over most others.
Colt uses an off size pin system in their civilian model AR's. This means they're not standard with all of the other brands, which means limited interchangeability of parts. I myself would never consider one in this form as it's nice to know the ease of finding replacement parts, if needed.
Colt Law Enforcement rifles (Uses all standard AR parts.) are obtainable by citizens, but are subject to extreme price gouging. You can find them fairly priced from some people, most commonly, here on the Equipment Exchange. A fair price will still be a significant amount over the other brands though.
For me, the lifetime warranty, extremely large amount of options and configurations, great customer service, great prices, and extremely high quality are enough to sway me to Rock River.
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