If you already know you're going to buy all the DLC, then it's a good deal.
If you don't, then it isn't.
There's also no rush - the few times I've gotten a pass, I've waited until the first DLC was announced/detailed/days from release. (Or, in the case of Bioshock Infinite, after a couple DLC were already out.... I got that pass at the time of Burial At Sea Pt 1's release.)
edit: I though the Passes I got for Borderlands 2 & Bioshock were good deals. On the other hand, I'm glad I dodged a bullet and didn't get the Borderlands:Pre-sequel one. (oh, and re: "if it includes everything".... I'm okay with a pass not including everything, if they're explicit about what is included. I don't mind that Borderlands 2 had more DLC beyond the Pass. Of course, those extra bits weren't that interesting to me anyway )
So you haven't gotten anything (besides, say, Diablo 3:Reaper or Destiny:Taken King) in the last 5+ years? Because there haven't been many expansion packs sold in a long time. Unless you're defining "expansion pack" as something different.
(Bethesda hasn't released one since Shivering Isles, for example.)