I own a 2nd generation Colt in 45 colt and a 4th generation in 44/40, and my brother owns another 4th generation in 45 Colt, and I own also a UBERTI, and old one, and have tested several new ones.
there are big differences:
the finish is much, much better in the COLT, with a very deep blueing, umblemished, and a case hardening that is a real beauty, resembling real marble. The lock and internal parts are more durable in my opinion, and for me, it has been easier to obtein top accuracy with them.
the chambers in the COLT are fully uniform in diameter, but in my UBERTI go from 11,62 mm the smallest, to 11,67 the biggest.
the cost of a good finish is high, it can mean several hundred dollars in difference, and COLT´s polishing is about perfect, smooth as silk but without too much bright. That costs money and requires highly trained workers. The blueing is darker, durable. The italian blueing is less lasting, and lighter..
I was very happy with a clone that, in my opinion, was better and more interesting than the UBERTIs, the Taurus Gaucho, with let me get top accuracy with almost any load and has a very soft mechanism. Unfortunately , out of production. Such a good revolver. The transfer bar never gave me a trouble.
I had the opportunity to engrave UBERTI, COLT and PIETTA. The Pietta was allways soft, easy to engrave. The Ubertis and Colt had a real case hardened frame, tought on the surface as a diamond, not allowing engraving unless some unnealing was done to the frame.
a Colt and some replicas are collectable, but not Ubertis or Piettas. They are not an investment.