Slide wear on 1911s is pretty much inconsequential...you'll see wear on the slide/frame fit after many, many thousands of rounds, but it can always be adjusted. I've never seen an issue of wear between the bushing and the slide, even on some of the softer foreign guns years back.
Galling between similar metal surfaces hasn't been a particular issue for quite some time...I think back to the AMT Hardballer, I think the first all-stainless steel 1911, where galling was endemic with the gun...the problem(s) were that AMT was using the same alloy stainless for both the slide and frame, and both were treated (or not treated) to the same spec. That is no longer the case with any gun manufacturers I know of. They've now got a lot of experience with stainless, and they're good at it. A third problems was that when the Hardballer showed up in the mid-1970s we didn't have the high-zoot lubricants we now all take for granted. I briefly had a Hardballer, and it ran just fine as long as I kept the rails greased.
I think an additional problem had to do with final machining on the frame and slide...the smoother the finish, the less potential for galling. Modern CNC equipment is simply better for cutting metal than lathes and drill presses.
The titanium firing pin is as AlfS. lighter and has less inertia if the gun is dropped...I also agree with AlfS. that the likelihood of such a perfect drop causing a misfire is vanishingly small. I have heard, but cannot confirm, that the newer military 1911s going into service with the SOCOM guys are fitted with titanium firing pins as a rule.
Michael B