For R$14, the museum is a fairly decent value. That said, today we were a little unlucky because…read morenearly half of the museum seemed to be closed off for a private event. What we did see was nice though, featuring a variety of sculptures, photographs, and paintings. One of the signs also mentioned that the museum is the best collection of Brazilian artists (up to interpretation I suppose).
The area around the museum does leave a little to be desired, with a lot of trash and homeless people, but it is still situated in a pretty park that overlooks the bay. It's also a close walk to the WWII memorial, which is also worth a visit if you're in the area.