Tokyo-Hakone-Kawaguchiko & Fuji Hakone Pass

I am coming to Tokyo,Narita in end June this year and booked 2 nights stay @ at Hakone Palace Hotel in Hakone; I want to experience the Shinkansen once at least in this trip; So what is recommended?? so that I have the best budget; I don't mind travelling back to Tokyo from Hakone by normal train or bus (provided its fast)
I am still confused as to which type of pass must I get and it seems some of them are cheaper in Odawaru than Shinjuku and hence do I buy the Fuji Hakone Pass or the Hakone Freepass????

I want to experience the Shinkansen once at least in this trip; So what is recommended?

You could use the shinkanen between Tokyo and Odawara. You could then purchase the Hakone Freepass at Odawara Station and use it from there.

If you also visit the Fuji Five Lake region and wish to use the Fuji Hakone Pass, then you would waste the pass' Tokyo-Hakone leg by using the shinkansen.

Dear Uji
Tks for the prompt reply

I am still quite confused by your reply

Once when I reach Odawara Station (from Tokyo using Shinkansen) do I buy the Hakone Free Pass or the Fuji Hakone Pass?? I dont mind going back on return trip to Tokyo by normal train or even bus.
I am confused by the limitation of each pass; If you could just tell me the advantage of each pass and also disadvantage of each pass would be good; I want to visit Kawaguchiko or up to 5th Station to the nearest available point where public transport is available or should I just buy a one way or return ticket from Odawara till Kawaguchi and the 5th

Once when I reach Odawara Station (from Tokyo using Shinkansen) do I buy the Hakone Free Pass or the Fuji Hakone Pass?

Only the Hakone Free Pass is available at Odawara. The Fuji Hakone Pass must be purchased in Tokyo. That's what I mean with the Tokyo-Odawara leg being wasted.

Basics about the Hakone Free Pass:
http://www.japan-guide.com/e/e2358_008.html

Basics about the Fuji Hakone Pass:
http://www.japan-guide.com/e/e2358_014.html

I want to visit Kawaguchiko or up to 5th Station to the nearest available point where public transport is available or should I just buy a one way or return ticket from Odawara till Kawaguchi and the 5th

Kawaguchiko and Odawara/Hakone are in two completely different places. How to travel between the two:
http://www.japan-guide.com/e/e6905.html?aFROM=5200_6900

And the 5th Station is accessed separately from Kawaguchiko Station:
http://www.japan-guide.com/e/e6922.html