Most smashers view Pit as a “n00b” character. Most of the higher-level players and the Pit boards know this as fiction. Pit has tons of potential. He is under-developed as mentioned before. Many good players are afraid to use him because of his miniscule KO potential. He does not have many advantageous match-ups, so winning w/ Pit takes pure skill and knowledge. Pit is not the easiest character to pick up and play well. Mastering his recovery requires some patience, just like the rest of his playstyle.
Other than that, Pit is a great choice. Mastering Pit will reap more rewards than much of the cast. Pit is a future A-tier/low S-tier contender(IMO).