Title asks it all.

If you like being able to say that you have attended a unique, iconic, internationally famous event 'in person' - irregardless as to the quality of the event - then go;

OR

If you feel that this specific pageant will have deep, moving religious significance for you, then go;

BUT

If neither of the above is true, it MAY not be worth it. Only you can ultimately decide.

My two euro cents.

OP�s title is way too general. It depends on what the OP wish to experience.
Personally, I would avoid the Passion pageant show (just do not want to deal with the crowd etc).
I would visit this entire area (Oberammergau, Ettal, Linderhof & Garmsich-Partenkirchen) for its colorful landscape, history, schlosses, churches, local food and its people. I took thousands of photos when I last re-visited the area during a cold and stormy day in May. Loved every minute of it.
Not to mention the bonus of Schloss Neuschwanstein.

So, Oberammergau, definite worth it. Driving allows more flexibility.

To extend my answer a bit, I'd offer my own experience a dozen years ago in Verona. Friends were going to see an opera performance at the Arena in Verona. I didn't want to go, because the reasons I love the operatic art form (incisive drama, brilliant singing) are NOT offered at Verona - it's all about the Spectacle (with a capital 'S').

So as to not be a 'party-pooper', I went along with the group. It was exactly as I expected - the 'spectacle' aspects were all that they are said to be, but the performance was spectacularly dismal - one of the singers possibly the worst I have ever heard on any stage.

In the end, I'm glad I went as part of the group, but I have no desire to ever go back, or to any other venue where the surroundings are the only real attraction.

Ok, I guess I have too many places I want to see to even consider visiting the town outside of the Passion show. That is what I was really after.

So I guess it's two no's for the show then.

If you go to Oberammergau, i would suggest you Hotel Maximilians. Really nice and lovely hotel..

Unfortunately, if you go during the Passion Play season, Motel Maximilians is likely to be fully booked. And buying a Passion Play package in advance, you are not able to specify the hotel, only the class of hotel.

I am often in Oberammergau as a quick detour on my way elsewhere. The Red Riding Hood House and the H�nsel und Gretel home are worth some photographs, although I do feel intrusive of the familiy at the Red Riding Hood house as I usually see them eating breakfast. To live in such a famous house must get tiresome!

I am usually on my way for a walk on the grounds of Linderhof, which I would recommend any time over the far too touristy Neuschwanstein.

As a side trip as part of a larger visit to the area I recommend it. But there are also some very touristy things like the K�the Wohlfahrt shop (although I do like the Konditorei across the road from there)

For the Passion Play? No, unless that is some sort of pilgramage that you feel you must make in life. Better to stop at Ettal and have a chat with the brothers there - they enjoy meeting visitors even if not of the same faith.

We just made our arrangements to go booking just the ticket and a couple of nights in Oberammergau during May 2010. They told us the hotel.

We love Bavaria and just decided this is a once in a lifetime bucket list thing for us.