I say "for most shows" as some shows may be completely general admission while others may not have this setup. Please consult the tour section (see link above) for a specific show or post said show here for a complete answer.
Pit tickets are closer than the front row of reserved seating. (For most shows) the pit is directly in front of the stage with reserved floor seating directly following. Which is better is up to the ticket holder as some people do prefer having a reserved seat over being in the pit. Hope this helps!