MIM parts are not always a bad thing. Some will say they are the anti-christ, while others would argue they are no weaker than cast parts. Nobody can say with certainty whether or not they are worse, though the empirical data would show that there are more undue breakages. I never thought to ask someone in the know if MIM is worse, and the silly thing is that my father in law is an engineer who specializes in metal stress and fatigue. I'm positive he will know the answer.
Anyway, here is a list of MIM parts in the SA, though it's not all inclusive. Also, some i'm sure of, some I've just read are MIM. Here we go, from top to bottom:
-extractor
-firing pin stop
-barrel bushing (not sure on this one, just read it)
-hammer
-ejector
-thumb safety
-slide stop
-grip safety (not sure on this one)
-mag release
-disconnector
-sear
-mainspring housing
The fact is, some of these parts are completely non stressed ot low stressed items, and it would be a complete waste of money to replace them, unless you just want to. Parts that are prone to breakage to begin with, and are critical if they fail, are: hammer, slide stop, firing pin stop, and in guns with ambi safeties, the safeties seem to break often at the joint.
Other items to consider replacing strictly from a quality standpoint in a performance enhanced 1911 are the extractor, the ejector, the sear, and the disconnector. The sear and disconnector are only important to replace if you intend to get a trigger job, as they don't hold cut angles well. The GI ejector is non extended, and will not be an issue, but you might want to upgrade it eventually to an extended type. The extractors don't hold tensioning as well in my opinion. Many poeple eventually replace the mainspring housing, not becuase it's MIM, but because of the ILS system.
Upgrades you can do yourself largely depends on how mechanically inclined you are. Since you are asking, I assume you cannot yet detail strip a 1911. I would recommend a couple books. A very basic book is Hallock's .45 Auto Handbook. Much better is The Colt .45 Automatic A Shop Manual, by Jerry Kuhnhausen. There is also a companion volume, but it's much more advanced.
Anyway, for upgrades you can do yourself, some basics might be fitting and tuning a new extractor, though this is the single most critical job in a 1911. It's relatively simple though. Also, you could fit an oversized match trigger, maybe try out cutting the frame for a beavertail, and replacing that ILS housing if you desire. You could also try fitting new drop in sights. These are just some ideas.
Good luck! Welcome to the addicting world of 1911 tinkering.