This is what Kel said:
I've asked my crew about the best in Japan. This is the ranking list they gave me:
1) Rain- Falco player from Tokyo
2) Masashi- Pit player from Kansai region (Kyoto and Oosaka)
3) Souther- Snake player from Kansai
So if Masashi is the 2nd best that might mean that Masashi has the best pit, or is at least really good with pit.
Here is a couple of vids of Masashi vs Souther:
http://www.youtube.com/watch?v=S0CHh3oiGOc&feature=channel_page
http://www.youtube.com/watch?v=JOkFLXwPzM0&feature=channel_page
And here are 2 vids of 2 other japanese pits that I found, Konapit and Kokeiro. I have no idea their skill level since I've not faced many pits, but the ike and diddy they are playing are for sure good. So that probably means they are good as well.
Konapit:
http://www.youtube.com/watch?v=VYHujI-27Z0&feature=channel_page
Kokeiro:
http://www.youtube.com/watch?v=wDELRcv6i8M&feature=channel_page
Judging from how Masashi plays I would say that he uses pit in a fashion that is similar to falco, but taking it to the extreme. Falco usually camps someone to get the approach, but Masashi both matches sort of continued it offstage with ledge camping. I'm not sure if that's the best way for pit to counteract snake and was just doing the match like that for that reason, but it might explain why pit is so high.
The other 2 pits I mentioned didn't really seem to do that.