Pit is absolutely awesome. If you haven't played him yet, then trust me youre in for a treat.
As for Pit compared to metaknight, while I have only played metaknight for 1 hour vs 10 hours with pit, I can say that personally i feel pit is superior. One ANNOYING thing about metaknight is, if he does ANY of his B attacks while in the air, he can no longer do ANYTHING and just falls stupidly towards the ground.
Pit on the other hand can freely do ALL of his B moves in the air and still be able to jump and attack etc.
Pit's Up-B move pretty much means the only way you can kill him is by smashing him into boundaries, his recovery is just TOO good.
From what I've heard, Meta has better recovery and comboing ability, Pit's moves have more knockback and power. Pit also has a projectile. However Pit can easily be gimped by being struck during his Up+B, which makes him fall helplessly towards the ground
I wouldn't say easily gimped at all, pit can start his Up+B from LITERALLY underneath the platform (not just below the horiziontal plane of the platform and then autosweet spot it) Since pretty much all stages have a sort of inverted cone shape, it would take a tremendous effort from most chars to even attempt to hit pit since he is protected by the 'cliff' so to speak.
- Insane recovery
- Brilliant defense
- Annoying spammable projectile
- Decent speed
- Decent Power
- Decent Range
His shield is a brilliant move and works brilliantly against chars with long range or those that like to spam projectiles at you while you are off the edge (falco, fox). Its great against sword users especially marth and link since it pushes the attack back, oftening making the attack face the wrong way.
The shield is not so effective vs Ike who has many attacks the has his sword coming down from above pits head missing the shield and getting hit by Ike's sword too much isn't a good idea.