I have not read any of the other responses but I can say, as a veterinarian, I think a lot of pits have gotten a bum rap, are owned by the sort of people that have no business owning a dog, and much of that is fueled by the media. Any dog that is poorly socialized, poorly treated, potentially abused or neglected, and trained or encouraged to fight is not going to be a good family dog around kids - they just have too many issues. That being said, many of the pit bulls that were owned by Michael Vick and trained for fighting, then removed from that environment, have been successfully rehabilatated and placed in good homes, and are doing well.
Pits can be fabulous pets and wonderful family dogs if they are raised correctly from puppyhood, well socialized and trained appropriately. I have seen many pit bulls as patients and I have never had one give me a hard time - and I am a stranger in a white coat who is doing things to them they probably would rather not have done. I've had some I have muzzled as a precaution, but in those cases, they are more apt to bite out of fear than anything else. On the other hand, I once had to euthanize a golden retriever because of severe aggression issues. Go figure.
That being said, some pits do not get along with other dogs, some go after cats, etc. So do lots of other dogs. If you raise a dog properly and teach it good behavior from day one, they can be fine. However, your homeowner's insurance may feel differently. Some companies will not insure you or will make you pay higher premiums if you own one of the dogs on their "dangerous breeds" list (which can also include German Shepherds, Akitas, Dalmations, Rotties, etc.). Also. many communities have bans on owning pit bulls - if you are caught with one, you may be forced to give the dog up.
Before you get any dog, research the different breeds out there, do your homework, and make your decision on your life style and what would fit bset with your family. Be honest with yourself - many dogs (including pits and others) are high energy and can be a lot to handle. If they are not exercised enough and not trained properly, they can get very destructive. Don't get any kind of dog just because your friend, neighbor, etc. has one and you think it's cute. Too many people get a puppy only because it looks cute and they fall in love with the cuteness - then when it is a huge half-grown out-of-control adolescent knucklehead of a dog, they decide they've had enough and the dog ends up kept in the back yard all the time, or taken to a shelter, or worse. Also, there are expenses involved with keeping a dog, including preventative care (vaccines, heartworm prevention, flea control, spay/neuter) as well as taking care of them when there is an accident or they get sick. I am getting on my soapbox a bit here, but I've seen it happen too many times - people get a pet that they are not prepared to be committed to or take care of and it is the pet that suffers as a result. Getting any pet should not be a spur of the moment decision.
If you are looking for more information specific to pit bulls, I would try to find out if there is a pit bull rescue group in your area and talk to them. Breed-specific rescue groups can be a great way to adopt a dog that is the breed you are looking for and is in need of another home (rather than going through a breeder or pet store - plus, all pet store puppies come from puppy mills and you don't want to be supporting their business). You can also visit some of the local animal shelters in your area and see the dogs they have available for adoption. There are also plenty of mixed-breed dogs out there that need good homes and will make wonderful pets - including pit crosses (pit + lab, pit + boxer, etc.).
Think it through carefully, and good luck with your decision. As a side note, I have 2 pugs and I think they are some of the best family dogs one could ask for. They are small and easy to handle but sturdy and with awesome personalities. They are happy romping in the back yard or sleeping on the couch. Their exercise requirements are minimal. And their temperments are just the best.
ADD: Just read through some of the other responses - and I tend to agree that if you have a baby at home, you are best off waiting until the youngest kid in the house is at least 5 years old before getting a new puppy or dog. A baby or toddler is a lot of work of course, and getting a new puppy during that time just doubles the load. Not in every instance, but often the puppy does not get trained properly just because the kids take up so much more time. When the kids are older, it's easier. I had a client once that had a 3 year old, a 2 year old, and a 6 month old baby and decided to get a Lab puppy. It was a nightmare every time they came into the clinic - the puppy was out of control, the kids were out of control, and the parents could not listen to anything I was telling them about the puppy. Granted, there were probaby other issues going on with discipline, etc. and it's hard to manage all those kids at those ages out in public anywhere, but I could just see that it was not a good situation for anyone (puppy included). I could only imagine what things were like at their home.