Haha, it's funny you made a thread for this. I was just playing my friend the other day (who was only playing Brawl for two days). He loves Pit, and we both agree that Pit is severely overpowered. I don't get angry at my friend or at Pit. We just acknowledge - or rather, "believe" - he is cheap. The reasons we believe this are so:
1. His swords give him pretty decent priority.
2. His vertical recovery (UP-B) and horizontal (glide) are phenomenal.
3. His arrows move mad fast, don't need much time to charge, and can be controlled manually. The only drawback is that they can't be held forever, but that was never an issue in any of our battles.
4. He has TWO - repeat - TWO reflecting moves. His Forward-B and his Down-B. The forward is even worse because it's a literal Wall of Pain! Unless you have a sword, a whip, or grenades, it's tough to get past. Guns won't solve the problem, that's for sure.
**Note that no other character (I believe) has TWO reflectors**
The only "drawback" we thought of was a lack of knockback, but I didn't think that was an issue at all. Pit can rack up some serious damage, so that issue is almost nonexistent.
Yes, in my opinion, Pit is cheap. I feign to use him because I'm a nonconformist.
Please note that I'm not trying to bash Pit players in any way by writing this post. I respect any player regardless of his/her character choice. Pit just...offers a different challenge.