Which is the better deal?
I think the better deal is a Museum Pass and then for transportation either the Navigo Decouverte (depending on the days of your stay as card validity is Monday to Sunday) or carnets of metro tickets if you think you will ride buses or the metro enough. These passes - London Pass, Holland Pass, Paris Pass, are typically priced higher, offer less, and are poor deals.
How long will you be in Paris and what day of the week are you arriving?
If you are going to go to enough Museums the Paris Museum Pass can save you money and avoid ticket buying lines. I believe the Paris Pass adds a transit pass, but I don't think it saves over other alternatives. Look at what musuems you want to see and compare it to the price of a pass and see if you can reasonably fit them in during the time of your pass.
Tuesday - Friday. Leaving saturday morning.
Its my 2nd time in Paris. FIrst time was a few days i rented bicycles VS taking metro. Was way more fun and quick. This time I have people who are to old to do that. Ive done all the big stuff, looking to hit the smaller venues.
The Paris Pass is considered to be a bad deal. A Museum Pass along with carnet of Metro Tickets is generally considered to be a better deal. You can crunch the numbers yourself by estimating which sights you want to see and checking the websites for the two passes. A carnet of 10 t+ Metro tickets can be shared and costs less than 15€. To maximize the value of the Museum Pass, consider closing days for the attraction, which is usually Monday for some, Tuesdays for others. Also, passes allow you to skip the ticket lines, but no pass allows you to skip the security line. Buy your Museum Pass at a smaller, less popular museum, not at one of the biggies like the d'Orsay.
The Paris Pass is not a pass if by that you mean one card to ride transit, go into museums etc. The museum access of the so called Paris Pass is simply an ordinary Paris Museum Pass. For most first timers this is a good deal i.e. the Museum Pass. The Paris Pass is a marketing scheme to put several products in an envelope and charge more.
The transit pass with the Paris Pass is the very overpriced Paris Visite which bought this way costs more.. It is almost never wise to buy the Paris Visite.
Get a Museum Pass if that makes sense for your trip and then either get the Navigo Decouverte travel pass if it fits your dates (it runs Mon-Sun of one week) or buy carnet of ordinary metro/bus tickets 10 for 14.50.
You can also purchase the Paris Museum Pass at the Visitor Centers/Booths located outside of the luggage/baggage pick up areas at the airport. Just add your name and the date of your first use of the Pass on the card.
Enjoy your trip.
And, just to clarify what brushtim posted, enter the first date you'll use the Museum Pass at the time you first use it, not necessarily when you buy it. If you buy the pass at your first museum (preferably an uncrowded one so you don't have to wait in line), then you'll enter that date when you buy it. If you buy it at the airport or train station as you arrive, don't enter the date until you're about to enter your first covered museum. That's when the meter starts running on the 2, 4, or 6 days you've bought the pass for.
Here is the website for the Paris Museum Pass. It's a good money- and time-saver if you're strategic about using it (in ways suggested by other posters), and have the energy to visit at least a couple of covered sights each day for two or more days in a row. It also enables you to duck into museums to look at maybe one or two things there without investing the whole admission fee for each museum. And, of no small value, it makes lots of clean bathrooms accessible to you as you wander the streets.
I will join the chorus.
The Paris Museum Pass is a good investment especially if you plan to visit the museums & monuments covered by the pass.
You may want to refer to this post written last summer where I explain the difference between the 2 passes.
Keep in mind that the "Paris Pass" prices have increased since the date of the post.
Another thing to consider is that the 3 day "Paris Pass" includes a 2 day Paris Museum Pass.
Enjoy your time in PAris!