Got it yesterday...probably one of the nicest 1911 I've ever owned...even with the external extractor. Crisp, clean trigger, light, and a damn sexy gun!
I've owned a pile of Smith 1911's and I ain't had the first issue with the external extractor on any of them. For what it's worth, I believe the Smith's are one of the best bargains in a production 1911 in the market.
I sold off most of my target pistols a couple or three years ago, there were two I couldn't part with. One's a Dan Wesson, the other a Smith. Both shoot much better than I can shoot them.
I think you got yourself a fine 1911. Congratulations on finding one. CD