Not that I have heard anyone here discuss, but don't let them slow you down; I have seen a few great ones in recent years. I think a pit is a great idea, welcome!
Check into local regulations and speak to your insurance agent - usual problem with a pit is that flammable vapors can collect in them. Because of that you may run into issues.
I have a pit which was put in by the previous owner. It's been extremely helpful and seems less "risky" than a lift sometimes! I'm putting a lift in my new shop though - mostly because the pit is in the attached garage and also I feel it's easier to lift car overhead than crawl into the pit (and out for every tool and part!).
Let me know if you have any specific Q's and I'll try to help.