The pass will get you admission to the Göreme Open Air Museum, the Dark Church at Göreme, Zelve Open Air Museum, Ihlara Valley, three of the underground cities (Derinkuyu, Kaymakli and Özkonak), and a few other smaller sites in the region. One caveat is that it is only good for 72 hours so plan your travel accordingly! Also note that it does not work at all sites in Cappadocia (Uҫhisar is one notable exception).
Note that if you are also planning to spend time in Istanbul or the coast the Museum Pass Turkey may be a better deal.