[cmelecci]

In all honesty I've worked in places with pit (awhile ago). They serve their purpose for quick drive in walk under and basic maintainence and greases. It is difficult to remove an engine or trans while using a pit because you need to have a cover over the pit that can support a jack or lift. Second the width of pit would be a constraint. Also the depth would depend on your height and wingspan(reach). Third any changes to layout or addition of garage is limited, while a lift can be relocated or even moved to another garage in the future. I think you know the answer.
Good luck
Carl