I am of the opinion that monsters belong in the Monster Manual and on the other side of the DM screen. The occasional campaign of monster PCs is fine and it is nice that the rules are internally consistent enough to allow for such things with ease. But just because the pixie has a level adjustment listed does not mean it is appropriate for all campaigns. I can see it being far more appropriate as a cohort or something of that nature. But that does not mean it should be seriously considered as a player character option in most cases.
I am of the opinion that monsters belong in the Monster Manual and on the other side of the DM screen. The occasional campaign of monster PCs is fine and it is nice that the rules are internally consistent enough to allow for such things with ease. But just because the pixie has a level adjustment listed does not mean it is appropriate for all campaigns. I can see it being far more appropriate as a cohort or something of that nature. But that does not mean it should be seriously considered as a player character option in most cases.
I'd never considered a Pixie Cohort, that could be awesome. Peter Pan-ish, or Link-like. I could see playing that. Could be cool....I can see it being far more appropriate as a cohort or something of that nature...

(Dungeons & Dragons)
Rulebook featuring "high magic" options, including a host of new spells.