The problem with a pit is getting the vehicle off the ground. You'd have to do it off to the side which is easy enough on a car, but on a lifted Jeep it's a whole other story. Also pits limit your access to pretty much the very middle of the vehicle. You also can't vary the vehicle height as easily.
We use frame/tire lifts at work. They're made by ARI and work great. One on each end for HMMWV's and 5tons, and you can pick up a HEMTT with 4 of them by placing them under the tires of the intermediate axles.
Even with those though a lot of what we do at work is done with a jack and jack stands.
