I recently bought a Bit Pit and I'd like to clarify something about it. It's a feature that many people may not have known about or suspected could be an issue.
The Bit Pit is made in Japan, which usually means it will be of a high standard of quality, which I think it is. However, as a Japanese 1/4" hex bit holder, it also means that it is designed to take hex bits of a different design to what most of us are used to. Our 2" long hex bits usually have a deep cut ring just before the back end of them, to allow them to be retained into spring-loaded bit holders and torque wrenches. Japanese 2" hex bits are the same, except that the cut ring is further from the end.
Here is a photo showing the difference:
The Japanese type actually makes good sense, especially for double ended bits, as our ones don't make as much contact with the walls of the bit holder and tend to wobble and wear more quickly. The problem with the Japanese design though, is that a bit holder designed with the deeper cavity needed, shouldn't really be used with shorter 1" long hex bits, as it won't retain them properly.
The Bit Pit has this deeper cavity and therefore isn't great for short bits. I tried a few in it and it would work with them, but the bits, as expected, sit too deep into it, with not a lot of the bit sticking out. I'm not sure how much I'd trust a short bit to stay in place, when the Pit Bit is used on a keychain either.
The Japanese bit holders do still work fine with the other type of long bit though, so as long as the plan is to use 2" or longer hex bits, the Bit Pit will work well.