Firstly it's not simply a matter of hollow point vs. round nose as the overall shape of the two types are quite different. The round nose bullet has a gradual taper (ogive) to a "round nose" whereas the hollow point bullet has a longer straight wall which changes to a truncated angle finishing at a "flat point" - with a hollow. These are two quite different bullets and should be loaded differently. The round nose bullet can be loaded with a much longer overall length and still drop nicely in to your pistol's chamber or chamber checker. The hollow point bullet may need to be loaded deeper to have clearance from the rifling.
Another thing to consider is that round nose bullets (in any composition) feed very reliably whereas flat point or hollow point bullets can sometimes prove to be less reliable, particularly in 1911 pistol format. This is not always the case but the HP shape will reveal or amplify any issues your gun has with feeding or nose diving. These issues can usually be overcome with new magazines or installation of a mag catch that allows the magazine to sit slightly higher in the mag well (such as an "EGW high mag catch").
Neither bullet are more or less accurate by themselves and shooters who compete at the highest levels of competition have the round nose shooting just as accurately as the HP. However, anecdotal reports indicate the hollow points offer extremely good accuracy "out of the box" and are the preferred option for a many in 38 Super "race guns". In the end it will all depend on your pistol and you should experiment with different powder, powder weight and seating depths to ensure optimal accuracy in whichever shape you choose.
