The 220s are usually very accurate out of the box...probably as accurate as a standard Colt Gold Cup or maybe better, They come, however, with combat sights and trigger, so wringing all available accuracy out of the gun can be a bit difficult in standard form. The newer steel framed 220s, especially if you get the SA model, might be better, but the sights are still not going to compare to a really good set of Eliason or (better) BoMar target sights with thin front blade where target shooting is concerned.
1911s, of course, run the scale from something basic like the GI model to extremely specialized. You can get better triggers and sights on the 1911 than on the Sig, but you may have to pay a lot more for a model that comes with them or to have them installed.
Reliability is a toss up IF you get a good quality 1911 and use high quality magazines. I own two older Sig 220s and several 1911s and I will say that my experience has been that MY 1911s are slightly more reliable than my Sigs, but all are more than reliable enough to bet my life on...and I have done so. There is NO doubt that I, at least, shoot the 1911s better than the Sigs, but YMMV.
For CCW, the 1911 is easier for me to carry, but the 220 is not all that much more difficult to hide comfortably either.
With all due respect, as much as you spend on guns, I think you owe it to yourself to have at least one very nice custom...or at least semi-custom-level 1911. Something similar to a YoBo 1*, Baer, RRA or maybe a Springfield Pro TRP. I have seen many guys dink around with multiple 1911s trying to make a silk purse out of a sows ear when they could have sold them all and bought one nice one that would work reliably and do what they needed. JMO
My eventual next 1911 project will be a Colt Series 70 repro, most likely sent to have the YoBo 1* package done and finished in BlackT...expensive compared to an out of the box gun, but very nice.