Yes it is based off of a 1911, very similar to a 1911, and not sure about the cartridge performance being the same as a 45 a.c.p.. It wouldn't make much sense to me to produce a .50 styled like a 1911, feel like a 1911, cartridge ballistics like a 45 acp, but cost twice as much as a standard 1911. With a $2400 price tag, and if the ballistics are like an a.c.p., I definitley do not see it hanging around. Just buy a Wilson, Les Baer or one of the other 1911smith pistols for the same price, and you get cheaper ammo and better ammo availability.
IMHO it will just be a niche gun and never really go anywhere or make tremendous impact on the industry. It's just too expensive, especially when a custom 1911, shooting a proven(almost a 100 yrs now) cartridge, is available for less or same money. Now if they somehow found a way to produce a "plainer" model, i.e. cheaper, it probably would. But without sacrificing quality. If they had a model in the 13-1400 price range I'd buy it.