A friend of mine has a US military Colt 1903 .38 just like the one in the pic, minus the fancy engraving. I went out and shot it with him the other day and I've got to say, it shoots like a dream. We put about 5 magazines a piece through it and there were no jams or stovepipes. It was very well balanced, and one of the most comfortable pistols I've ever shot. My hand was sore from shooting a .357 snubby, but the Colt's handle was so well designed that even after several magazines my hand was not sore at all. It was also very accurate, we were hitting paper plates at 15 yards from a standing position with ease.
The only problem is that the .38 auto ammo is kind of hard to come by these days, but I still would like to get one if I can find one in decent condition for a good price. It would make a great project gun for the gunsmithing courses I plan on taking, it might even be possible to chamber it for a more common cartridge.