I have been treating it like the Arcane Pool ability and Divine Bond (Weapon) ability from the Magus and Paladin classes, respectively, with a cost of one round of Bardic Performance, a static duration of one minute, a Standard Action to activate, and a limit of one instance per weapon. I also ruled that using it during another song ends that song (though my Bard has Lingering Performance so he's able to restart before any bonuses drop).
I've found it to not be overpowered compared to the rest of the party.