For me, it really depends on the pit master. I've tasted pit BBQ that tasted like it was cooked over charcoal; no wood smoke flavor at all. On the other hand, some of the best BBQ I've tasted was from a pit.
Same with commercial smokers, especially out here in California. Although I haven't researched the laws out here, emission laws are a big deal. I strongly suspect they apply to commercial smokers too. We've basically stopped going to commercial BBQ restaurants because the meat generally has no smoke flavor.
Now, in the land of fruit and nuts, there was an attempt last year (in the Bay Area I believe) to outlaw backyard BBQs due to the emissions.
If I had to choose one over the other, I'd pick the pit.