If your time is limited, skip the Museum of Siam in favor of the HUMONGOUS National Museum Bangkok (which is worth about half a day or at least an entire morning or afternoon as its like the Smithsonian complex and easily one of the best museums in Asia). I can't recall for sure whether some portions of the Museum of Siam were being remolded while I was there (I think it was but they were also building the subway or something in the area when I was there and that may have me confused).
However, I do remember the museum was rather average (better than many other museums in Asia as there were alot of interactive exhibits as well but not overly impressive either) and the curators or their PR people got a little too creative with the narration and interactive exhibits as they tried to tell a story but the story line sort of fell flat - at least with me...
Otherwise, I mainly went because I had seen most of the main attractions on my previous trip to Bangkok - meaning this trip was to see museums and things that I missed or were closed because it was during the floods that hit the city that one year.
So if you have already seen much of Bangkok or just want to spend time in some place that's air conditioned, then the Museum of Siam would be worth a visit. Also, be aware that crowds of school children will also be visiting during the weekday.
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