If you want to do serious target shooting...as in Bullseye or higher level IPSC competition, then a match barrel...fitted by someone who knows how to do it right, and there are not nearly as many of them out there as you may think...is mandatory, along with sight changes, blah, blah, blah. All this will cost you several times what the gun did originally... but that's not usually why guys get a service grade 1911, and for any realistic practical use, the gun is fine as-is.
I, too, dislike their two piece barrels, but have never seen any indication they are causing serious accuracy or reliability issues among the several shooters I know who have them. There are many things other than barrels that affect "accuracy" with a given handgun, and even a really worn out 1911 using military ball ammo will shoot into 10-12in. at 50yd...5 to 6in. from your point of aim...more than good enough to give a bad guy some second thoughts!
The old saying among Bullseye shooters is "You can buy X's but you can't buy 10's", meaning you must first be a good enough shooter to keep your shots inside the 10 ring before you can expect any real improvement with a seriously accurized pistol.
Buy ammo dude...LOTS of ammo!