Pikes…love ’em. I’ve three pairs in service on family bikes, plus a set of Revelations on my XC bike.
The Revs are very nicely dampened and very light, I feel I can ride anything on them but I have had a couple of instances where the air spring has burped. I’ve replaced the seals on the air spring side so hopefully all is okay there.
As for the Pikes, the Air spring is the one to go for IMHO – the coil feels nice but it’s heavy and tuning it means buying a stiffer/lighter spring. The damping is okay – they’re not as good as Revs – but the stiffness means that they’ll track anything. Weight-wise if you go for the 454, with an alloy steerer and an air spring then they’re not as heavy as you’d think – circa 2000g and about 350-400g lighter than the steel steerer coil Pike 426.
You can upgrade them with a new damping circuit, either off the shelf Rockshox or a PUSH unit. Loco is your man here.
My Pikes are looking tatty these days, I need to repaint the crown and lowers, but there’s not a trace of stanchion wear after seven years and otherwise they’re perfect.
[ninja edit] I bought my 454s in early 2006 for £330, at a time when Rockshox was trying to shake off it’s reputation for poor reliability. It’s one of the few purchases I’ve gotten right first time, within a year you couldn’t find a 454 for less than £450!