First thing to understand (which you've probably discovered already) is that the pass will be good for a total of three riders...which means the kids will typically get to ride twice if they want. There's incorrect information on the Disney website that says the pass is only good for two riders. I know you're shocked that the Disney web site has incorrect information...
Biggest tip I can think of is to use it to beat the tiering at Epcot and DHS. For example, one adult book a FP for Soarin', the other for Test Track. Note however that for the kids you need to book FP's for whichever of those they want to ride twice, because they can only book FP's for one of the Tier 1 attractions and so they won't be able to go in on the first wave with the adult who has a pass on one of those two.
Also keep in mind that you don't have to use the rider switch pass immediately...it's usually good until the end of the month. So if time gets tight and you have an ADR you need to make, you can always come back later in the day.
One more thing that I'll probably get flamed for suggesting...I see from your signature that you're staying on-site. Assuming you registered your infant, he/she will get a magicband too. And even though you won't be able to reserve FP's in advance on that band because it won't have a ticket linked, you can still take it with you for same day FP's once you're in the park. Just sayin'....
