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I actually prefer for masterpieces to be bardic performances since it means that everything applies consistently.
That is, you can continue a masterpiece indefinitely with a tuned bowstring and endless ammunition, can have your familiar perform a masterpiece if you are a Duettist bard, Discordant Voice causes sonic damage on ally attacks while you are performing a masterpiece, Fey Performance can extend the range and targets of masterpieces, et cetera.
If masterpieces are not bardic performances then dozens of spells, items, feats, traits, et cetera that provide bonuses with bardic performances would not apply to masterpieces.
Currently though, masterpieces get the worst of both worlds by most people's interpretations: only a seldom few Masterpieces benefit from lingering performance; completely open to interpretation if Master Performer and the like boost it; same goes for tuned bowstring. A simple interpretation like "Masterpieces are bardic performances in every way, shape, and form - they adhere to and benefit from all rules regarding bardic performances," would prohibit having Masterpieces and performances like inspire courage up simultaneously, but at least Masterpieces would get a clear ruling.
This would still be a kick in the teeth and Masterpieces like "The Dance of 23 Steps", "The Requiem of the Fallen Priest-King", and "Pallavi of Nirvana’s Blossoming", and "Triple Time" would become all but useless if their effects immediately ended when you began any other performance, but at least we'd all agree how Masterpieces worked - "poorly".