I don't own either, but going off my experience with both manufacturers' other products and what I've heard from those who own their 1911s, I'd go with a Taurus. ATI isn't exactly known for importing the best quality firearms or standing behind their products, nor are they known for their customer service. While some people have issues with Taurus, they stand behind their guns 100% and offer lifetime warranties on their products even after the the product has been discontinued and changed hands several times. As for the actual quality of both manufacturers' 1911s I know people who own both and a lot more of the ATIs have to be sent back for service.
Again, none of this is first hand, so take it as you will. There's plenty of information about both on the internet if you want to check out first-hand accounts, both in video and written review form.