I have and fire many more than several examples of 2nd and 3rd Gens. B O T H fluctuate in quality if fit/finish/integrity. 3 of my 2nds need a lot of work. Several are perfect! All the others are fairly tight/crisp and a dream to fire. Same goes for the 3rds.
Actually, the best of the lot is a 3rd Gen WH Dragoon. The action , , it fires clean and rock steady. Wedge, base pin, timing, , all seemingly perfectly fit. The finish too! I fired it, put it away and did nt get to it for a w e e k ! Zero rust! The finish on this one, really done well!
Regarding the licensed Colt name etc. Yeah, BPAC got carried away and bit off more than they deserved. Carried away with their 'Genuine Colt reissues' claim with product and paperwork. I think Colt was really careless with their allowing their name to be placed on something they, not only played no part whatsoever in the production/quality control etc, but also to allow their founding masterpieces to be replicated in such a way.