Jeredien said:
ill probably just have my friend run with me then hes pure fire im mostly cold and a little lighting so we should be able to do the entire pit well proabably end up doing meph/pit/pindle runs all today now.
You might find this comprehensive guide handy for the Pit. Look below the main posts for a short post by me for getting to it faster.
http://www.rpgforums.net/showthread.php?t=126662
I also have a posting running that list the results from doing Pindle/Eldritch/Shenk/Pit. It's a little out of date but I'll repost it in full once I finish recording 100 runs.
The pit is not a place for great MF'ing if you're looking to get lots of unique items. What makes the Pit attractive is that anything can drop there from the boss packs, just like in Worldstone Keep level 2 & below and a handful of other areas (read the guide). The Pit's denizens have lower hitpoints and there are no casters there, making it easier to deal with and that makes it as popular as it is I think.
The Pit takes some time to clear and on some runs you may not find so much as a rare. With my meager 200MF I see a unique every third Pit run with one other player in the game. Out of almost 100 runs there, I've only found about four things worth keeping around, none of them really uber. You won't see so many rares drop like from doing the Pindle/Eldritch/Shenk superuniques, but you should see a lacquered plate or sacred armor drop at least once every 15-25 runs and that is one reason why it excites a lot of people. I've yet to see one with a quality above magical though. If you are looking for lots of uniques, just keep doing Meph because he'll drop you more uniques on average than you'll likely find on a Pit run. Pit runs are for the patient folks looking for the rarest items.