I visited this museum after my walking tour around Colonia. Entrance is quite inexpensive, I think I paid 50 Uruguayan Pesos (maybe 2-3 USD$) for entry, but Argentine pesos and USD are not accepted. A bonus is admission also gets you in to 6-7 other museums around town.
The Portugese museum was fairly interesting; they had numerous period costumes, some weapons, and a lot of maps from the colonial era. Unfortunately there was little to no English signage so some of this was difficult to appreciate. However, it did put the surrounding UNESCO site into perspective a bit after looking at old forts and cannons on the exterior.
A quick visit for most should suffice.
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