Ours is a simple setup--a work table set on two toolboxes, with a fold-out banner holder. We also add some plastic shelves for extra storage, then plant a small TV on one running a sponsor loop. (Fits nicely in front of a blue banner, we found.)
The best pit running today, for my money*, is
4451. The pit integrates everything--lighting, hidden tools and parts, plenty of room to have people inside. Even without the big hard-sided walls, there's a lot to be said for keeping your stuff simple!
*Full disclosure, 4451 and 4901 share a sponsor and a couple mentors in their lineage.