This is the best form of light and warmth in the game. The only real downside to the Fire Pit is that it isn't portable in any way. It is slightly more difficult to create than a Camp Fire but once it is built, you can always build a new fire in the same spot for just a single log making it much more cost effective in the long run.
Beyond that, the Fire Pit actually requires less fuel than a Camp Fire. Any type of fuel used in a Fire Pit lasts twice as long as it normally would in a normal Camp Fire. Finally, the Fire Pit has a 0% chance of lighting nearby objects on fire which makes it completely safe for use in a camp where you will be planting trees, grass, and saplings. Keep in mind, however, that just because this won't start a fire doesn't mean that a lightning strike won't so it would be wise to build a Lightning Rod.