How does theRomaPass compare to buying individual tickets??
Donna will probably pop back with her views on the matter but I'm not really sure what you mean by "compare"? Price-wise? Convenience-wise?
The Roma Pass only makes sense if you have the time and interest in going to the attractions it covers. It doesn't apply to the Vatican Museums, and we've never purchased it because we don't need or want the transport piece: we prefer to walk everywhere in Rome, or buy a couple of single-ride BIT tickets for the few times may want to hop a metro. You need to do the math on any sort of pass to see if it makes sense for you.
So with a 48-hour pass you get one 'free' attraction +transport and some small discounts on other stuff.
With a 72-hour pass you get two 'free' museums plus transport and small discounts on other stuff.
You do not have to buy a pass just to skip lines. If you are only interested in the Vatican and Colosseum, you can get around buying a pass by pre-purchasing tickets on their websites. Or, in the case of the Colosseum, you can get in line at the ticket kiosk on Palatine Hill at the opening hour. Lines are shortest there, the ticket you purchase will include the Forum and Colosseum, and allow you to skip the long ticket - but not security - line at the Colosseum. As Donna said, you have to purchase a separate ticket for the Colosseum Third Ring and Underground tours. Those sell out far in advance so order those as soon as you know your trip plan is solid: do not wait until you get there!
http://www.coopculture.it/en/the-colosseum.cfm
This is the website for Vatican Museum tickets/reservations, and I would highly recommend buying those in advance as well:
http://mv.vatican.va/3_EN/pages/MV_Home.html
With the exception of small fees to explore any Roman ruins under the foundations, virtually all of the churches are free - and there are hundreds of them so unless you're really into museums, there's a lot you can do in Rome without spending very much at all.