I bought a Colt Combat Elite (1991 vintage) several years ago that had the collet bushing.
It turned out to be a project gun since a prior owner had "customized" it to the point that the safety didn't function properly.
I ended up replacing the barrel, bushing, and all the action components with new products from Cylinder and Slide (action) and Ed Brown (barrel and matched bushing).
Now it's a very nice pistol, and I got the experience of fitting M1911a1 components.
I can see why Colt found the collet bushing attractive. It reduced fitting time and ensured a tight lockup.
I've heard horror stories of the collet fingers breaking off inside the slide, and making disassembly practically impossible. As mentioned above, I haven't found any concrete experiences involving the problem.
In any case, the precision fit of the Ed Brown barrel and bushing made a very accurate gun.
I have a spare collet bushing should anyone need one...
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 Igitur si vis pacem, para bellum -
- Therefore if you want peace, prepare for war.
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