It does pretty high damage, able to kill any enemy in two gut shots (I don't think I should count headshots because any enemy will be killed in one with any weapon).
The Colt M1911A1, which sane people just call the 1911, is the replacement for Max's standard beretta during the New Jersey chapters. Pre-emptive note: I probably got some of this wrong.
Part 1: The Guns of Max Payne 3, Part One
