Yes, pits are the big rectangular rooms filled with lots of related monsters; sometimes the relationship is obvious, but sometimes it's more vague.
Vaults are rooms created from templates rather than being generated procedurally. They have the special property that they are guaranteed to contain OOD monsters and treasures (or if you're already in the bottom levels of the dungeon, they just have good stuff in general).
There are also more generic special rooms, which are template-generated like vaults, but which don't have either the risk or the reward boosts. Still, these have a somewhat higher chance of containing nice stuff than regular dungeon areas would, so they're often worth clearing if it's not too inconvenient to do so.
Vaults are rooms created from templates rather than being generated procedurally. They have the special property that they are guaranteed to contain OOD monsters and treasures (or if you're already in the bottom levels of the dungeon, they just have good stuff in general).
There are also more generic special rooms, which are template-generated like vaults, but which don't have either the risk or the reward boosts. Still, these have a somewhat higher chance of containing nice stuff than regular dungeon areas would, so they're often worth clearing if it's not too inconvenient to do so.
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