If you have a pit bull and other dogs - never trust a pit bull not to fight! They don't have to be trained - they LIKE to fight. They may not start one, but they are bred to FINISH one.
Pit bulls don't generally get along well with other dogs, especially those of the SAME SEX. Don't expect them to! And don't relax because your young pit bull is friendly to other dogs - they don't usually discover their aggression until the're between 8 months and three YEARS old, or even older. Take precautions. Train them. Don't leave them alone with other dogs EVER. Not even for a few minutes.
Pit bulls are very strong dogs. Pound for pound, they're among the strongest dogs on earth! Training is essential. They're also smart and excellent escape artists. Confine them WELL. Train them not to bolt through doors and open gates. Socialize them with children EARLY and teach them to be gentle.
While pit bulls were bred to be aggressive toward other dogs and to have a high prey drive, they're also bred to be human friendly. If they're not, they don't have a correct temperament. Make sure human-aggressive dogs are spayed or neutered and never have an opportunity to bite. Or humanely euthanize them if you can't manage these dogs at all times - this breed cannot afford any more bad press.
DO NOT encourage your pit bull to act protectively over you or your property. Most of the pit bull "attacks" you read about are just being protective when they maul some kid. YOU be the protector of your dog, not the other way around, if it's just a pet. If you want protection, get a gun. Or if you must have your pit bull protect and guard, GET THE DOG PROPERLY TRAINED FOR THE JOB - you MUST be able to turn his aggression OFF as well as ON.
Make sure your homeowner's or renter's insurance covers your dog. State Farm and Farmer's are two companies that don't discriminate by breed - most of the rest DO.
DO NOT take your pit bull to dog parks - EVER.
DO NOT let your dog run loose.
DO NOT chain him out in an unfenced yard where kids and service people can wander into their territory.
DO make sure your dog gets adequate exercise, both physically and mentally. This includes lots of play, training, leadership and affection. To little of any of these can create a dangerous, nervous dog.
ALWAYS supervise your dog around children and strangers. (This is true for any breed!)
These dogs are highly malleable, which means they're very trainable, but they'll take all kinds of cues from you, whether you intend them to or not. For the knowledgeable dog person, they're incredible, high-powered dogs. For the uninitiated, they can be a hazard. They're the Ferraris of the dog world. You don't put an inexperienced driver behind the wheel, and they're ticket machines.
These dogs are under attack all over the world and are being banned at rates that would make your head spin. Do the right thing - learn about your dog, know what to expect, train your dog and be responsible.
Bottom line - we pit bull owners have a SPECIAL burden placed upon us to keep our pets peaceful. If not, we are going to lose a treasure - a brave, noble, intelligent, affectionate and faithful companion that is the result of more than 400 years of selective breeding. Having been involved in fighting BSL for several years has made me quite sensitive to the plight of these wonderful dogs. I agree with you that we must get to know our dogs and their limitations. But IMHO, there are far too many people out there who own them who have no CLUE - and the breed as a whole cannot afford that.
The above information would apply to all the Bully breeds.