Ok I've played the bard as written for exactly 1 session, and we didn't actually do so much really(mechanicswise) as it was a heavy Rp one. So far therefore I can only really comment on a few factors, this is with a Brd5/Fighter2.
Bardic Knowledge and subfeatures, Ok I like the changes to this ability whilst I was initially concerned about the potential loss of knowledge this proved to be misplaced the new amounts plus new knowledge gave an almost perfect copy across giving all the knowledge skills about the same as pre conversion (some a little higher, some lower) and Loremaster allows them to be used to great effect.
Buffs, Ok I seem to be the master of the morale buff with no less than 3 seperate things giving potential morale boosts to things 1 feat, 1 spell and the inspire courage/competance. Thats more a function of my build for the redundancy factor however it does highlight the issue somewhat the 2nd level spell is better than the 5th level ability and I'd have had it longer under PF.
Bardic Music hasn't really changed since last iteration, the new abilities require a second differant perform type, now I think I can see how Jason split the 2 but to my mind they don't fit I've got 2 perform skills (RP reasons again) ones vocal (Oratory) the other is visual (Dance) ok the dance came in useful under a silence spell but the 2 are in the same perform category for the abilities that trigger, its kinda annoying but music/not music doesn't seem right where as visual/auditory seems a more likely split. We've used Bardic music as move equivalent in situations where it seemed appropriate and it didn't overpower the situation, and neither when it was allowed to stack with Bless or another morale effect.
The only other thing that really springs to mind at the moment is that both Linguistics and Appraise would fit under the Loremasters umbrella and possibly could be added to the skill list of the ability (or redesignated knowledge skills but thats a differant discussion.)