I think it depends on the length of your trips, and what you like to do.
The first time we got the PAP, and we made good use of it. However last year we took 4-5 day trips, when we use to take 8 day trips (fewer). With the longer trip we would take the time to goto disney quest, a water park.
We might have broken even the first time we got the PAP, however on later visits, we determined it was more cost affective to just get the regular AP.
I remember the first time we did do the waterpark, and then over at disney quest. That one of the cm's said if you brought those receipts in, you could use them to upgrade to the PAP. Like the cost for the water parks 1 day, and then you did disney quest. Then you decided to upgrade, they would let you apply those dollars to the price of the PAP. Now that happened like 7-8 years ago, so whether that policy is still in place, or that CM was right/wrong don't know.