The pass is good for both buses and streetcars. The New Orleans streetcars are pretty unique and nothing like the cable cars of San Francisco, for example.
Standard fare is $1.25 (transfers are possible for extra), so if you go anywhere, it will be $2.50 rt. The pass does allow you the ability to hop on - hop off wherever you please. The buses and streetcars require EXACT change, so the passes also save you from dealing with that issue.
$5 is dirt cheap when you think about it.
Passes are available for 1,3, 5 days @ $5, $12, $20.
There is an "official" list of where you can buy them, but you can contact your hotel and see if they have or will get for you.
These days, there are several street car routes - sort of like the good old days.
The longest one is the St Charles line. I grew up beyond the end of the tracks and to this day have no concerns riding the entire route. You can see some amazing homes in the Garden District, and various landmarks along the way - such as Camelia Grill
I think this is such good stuff that I'm going to put it on my website!
The routes is what they is - you can't avoid them, but if you are on a streetcar, there really are no horrible areas. With buses or streetcars, if you don't like the looks of the neighborhood, don't get off.