I'm also going with the revolver. I will admit some bias, here, I just don't like micro-1911s. It was not designed to be a subcompact, and anything smaller than a commander just gives me the heebie-jeebies. I'm sure there's some out there that are grand machines that do everything their owners ask of them, they just aren't for me.
Go .357, you can use cheap(er) ball .38s to practice with all the way up to full power .357s and its more reliable for a carry peice.
Though thing I heard and I wonder if its true: Out of a short barrel, certain .38 special loads are almost as good as .357 because of the lost velocity.