I don't care what y'all say, I have fond memories of this game and enjoyed it. Reasons?
A) It was probably one of the earlier fighting games I played for my Genesis. I rented it first, then borrowed a friend's copy, then bought it myself all within a short period of time in early 1991.
B) Coming from owning only a 7800 before owning my Genesis, I couldn't believe what I was seeing in those motion capture graphics. There was nothing else like it on any other system I or my friends had played.
C) There was just the right mix of violence and subtle sexuality that it made a 10 or 11 year old kid giddy and his parents a little perturbed (which made it even better

). Also, the similarity between the game and the awesome
Bloodsportwas not lost on my blood-thirsty young mind. The game did a good job of setting the grungy/sweaty/illicit mood...
D) The actual gameplay isn't that bad considering the competition for the time. Keep in mind, I was also enjoying Fighting Masters around this time. Maybe the SNES version was horrid, but the Genesis version played fine as far as I was concerned.
Anyway, I loved Pit-Fighter and can't stand seeing it disparaged. Yes, my nostalgia may be clouding my vision some - but not so much that I am remembering a horrible game to be awesome...Right?