Don't let these old fuddy-duddies talk you out of a great experience based on their own perceived weaknesses.
If you're comfortable and confident on your LT, then Pike's Peak is an awesome ride. If you're timid and have no experience with dirt/gravel roads, mountains, switchbacks, etc. then you might want to take a pass.
But be warned, the weather can change rapidly up at the top. Here's a copy of my ride report from after the 2004 CCR:
The road up Pike's Peak is like this:
It's paved part way, and dirt/gravel the rest. The non-paved portion of the road was in fine shape and we made good time on the way up, even passing several minivans who were being especially timid. Visions of the Pikes Peak International Hill Climb vied with the incredible views as we ascended into the clouds. After the obligatory pictures at the top we went into the gift shop for lunch and souvenirs. While perusing postcards, there was an announcement that the weather had changed and that the ranger was escorting folks back down the hill. We went outside and found this:
Now the LT's power-assisted ABS are arguably the best brakes ever designed for a motorcycle. But when the ground is constantly slick, the power assist is just too much and the ABS just keeps activating which is worse than having no brakes at all. I really wished I could have disabled the ABS like on a GS bike. Instead, I coasted very slowly down in first gear using only engine braking, and waved cars past so I could ride in their tire tracks. I'd wave a car around, then ride in his tire tracks until I couldn't see them anymore, then wave the next car around. After almost an hour and maybe 5 miles, it dried up again like nothing at all had happened.
Once we got below the storm, the rest of the ride down was fine. We stopped at the lower gift shop to finish our shopping, where several folks commented about those crazy folks on the motorcycle. All I could think was that I'd still rather be on the bike, even in those conditions, than to be stuck in a cage for the whole trip.
If you can understand that, then go for it. If you can't, then perhaps you shouldn't be riding up the big, scary hill.
It was a challenging ride but those are the ones you remember, and how you get those great desktop pics for your computer, like this one: