It's what the Pit is. As long as it doesn't lead to shock pictures being linked or otherwise obviously disturbing activities, I don't think there's any ground for removing it. It's supposed to be off-topic, whereas the other forums contain the on-topic discussions. You already disabled the post count, which means a post in the Pit means less than anywhere else - which is also why most posts in teh Pit are meaningless. Most people like it that way, and the select few who do not (because I disagree that only a select few appreciate the Pit and I argue it's the other way around) could just stay in the other forums. If you don't like unguided, off-topic posting, why go in the Pit in the first place? To discuss floral arrangements or ice cream?
Just what is it you want the Pit to consist of?
I'm not taking a stance on the whole "hacking" issue, because in dealing with someone like Chad, it seems utterly pointless for anyone to say anything.