I have had a 1927 Model Argentine Colt for several years now. I have heard several different things about these pistols, some of which I believe, and some . . . ..
First Argentina made these pistols for a long time. They were made in a factory in Argentina to Colt's designs that were around in 1927, hence the Model number. The model number is not necessarily the year it was produced. There is at least one book on the 1911 that includes production information for pistols that were built under license. Unfortunatly I did not buy a copy the last time I looked at one; but my Argentine (S/N 98XXX) was delivered to the Argentine Navy in 1954. Production was done under Colt supervision in Argentina, and most of them were probably reconditioned at the arsenal at least once. So condition will vary.
Concerning if the slides are soft or not, this will probably depend on when a particular pistol was really made. Early versions probably do have soft slides. Though I have heard that most of the steel for these pistols came from Sweden, from the same company that provided the steel for the Carl Gustov Mausers. I have no proof of this, but at my local gunshop we weighed an Argentine and a Colt that were about the same vintage and the Argentine was about 3 oz heavier.
I have only had two problems with my pistol. the rear sight notch was so tiny I tried to replace it, and found the rear sight blade is larger than the replacement sights I can find, and I lost faith in the original barrel. I ultimatly replaced the sight blade by shimming a US blade in place and securing it with lock tight, and I replaced the barrel with a GI barrel.
Would I buy another one? Yes, but I would also pay the extra fee for the hand select if I was ordering, or only buy one that I can handle first. Otherwise, I think its hard to go wrong, provided you do not try to compare one of these to the top offerings from the any of the current production makers.
I hope this helps.
PaulB