Cavu, the link you provided with the Series 70 gun is a Series 70 gun. It's a new production Series 70 gun, and it's a fine piece. I have FROST18E's in my safe right now, and it's as fine a gun as Colt ever produced, in my opinion. Here's a summary of Colt 1911s that might explain some of the differences.
Colt made 1911s, then 1911A-1s for both military and civilian markets since 1912. I won't get into all the variations. Commercial Colts were of high quality, but eventually, the machinery at the factory got old. Colt changed their roll mark in 1970, coming out with the actual "MKIV Series 70". Many people feel that Colts that are marked as such are the pinnacle of 1911s. By the end of the 70s, Colt quality had slipped quite a bit. They had problems with aging equipment, but more problematic was poor morale amongst workers and poor labor relations, leading to many guns being put together by completely unmotivated people.
Colt stopped making the"MKIV Series 70" in 1983, if memory serves, and that is when they went to the "MKIV Series 80". With this model they incorporated the new "Series 80 passive firing pin blco", which consists of two levers in the frame, a plunger in the slide, and a plunger spring, which act to block the firing pin until the trigger is pressed almost all the way rearward. Many do not like this, whough it will not negatively effect anything if it's not tampered with by the unskilled. It will ad about 3 to 6 ounces to your trugger pull, which most people cannot feel, and any good gunsmith can compensate for during a trigger job.
In 1991 they came out with an economy version of the "MKIV Series 80" called the M1991. It had a different roll mark, with with large numbers on the left side of the slide that said "M1991". Most found them to be ugly. They also cut corners on finish, grips, and started using plastic for minor parts like the trigger and mainspring housing.
Somewhere along the line in the 90s, Colt decided to come out with what are referred to as "enhanced" models. This was to compete with companies like Springfield and Kimber who were putting out guns with "custom" features, like match triggers, beavertails, etc. They had features like a "beavertail" that really was a poor excuse for one, an undercut at the trigger guard/fontstrap juncture, and a flat top slide, as well as a few other features. These guns also have narrower barrel hoods, like a Gold Cup. These guns, like the XS and XSE, cost quite a bit more than the standard Colts with little in the way of additional features, and were not very well received. However, they are nice guns, and definitely worth it to some.
A couple years ago Colt revamped their factory with new equipment. They were also under new management (which has happened many times along their history). They came out with a bunch of new guns, and also updated their 1991. The new models, of which the "Series70" is one of, are simply some of the best 1911s they ever made. These guns are loved by purists who hate the Series 80 firing pin block, since the Series 70 doesn't have these parts. I actually prefer the "new" production Series 70 guns over the original. They came out with a WWII repro, and also a WWI repro. The 1991 was updated with a new roll mark, and also a better finish. Fit and finish on these is as good or better than the "MKIV Series 80" pistols that they were orginally an economy version of.
A side note on 1991s is that they are referred to as NRM and ORM, or New Roll Mark and Old Roll Mark. NRM guns don't even say 1991 on them. NRM guns are every bit as good as the new Series 70 guns, but have the addtion of the Series 80 firing pin block parts.
I know this was a long post, so I apologize. With the dizzying array of Colts out there, it's hard to figure out what's what. Good luck on your future purchase. One other thing, it was mentioned MonkeyGrip that the Springfield GI is a good base gun. If money is important, it's the perfect choice. You will save a couple hundred dollars or more using one of these, and after the 1* package, the only difference will be the name on the gun.