Yes, lots of people want a pit. But for a homeowner, there can be a lot of tradeoffs:
1. Local codes (hey, I live in Wisconsin!) can get very particular.
2. Presumes you don't have watertable or drainage issues.
3. Safety (I just KNOW I'd wind up falling in the damned thing!)
4. It still leaves the wheels on the ground.
All things considered, my preference is to have the car hoisted up with the four wheels off the ground an plenty of access to drop tranny, work on drivetrain or engine bay, etc. If I did a lot of lube type work or undercarriage adjustment, a pit might be a good choice. With a hoist, I get all that plus the ability to work with wheels/tires removed - an no walking up and down. Just my opinion.