The poor Bard has always continued to be a jack of all trades which excels in few areas (if any at all) yet pales in comparison to all the other classes. In a RP heavy campaign bards do have their moments to shine, however I beleive concensus is that they are fairly an un-interesting class to play.
One thing I changed in my campaign is that I gave bards all the Complete Warrior - Swashbuckler abilities. The bard in my mind has always been more of a savior faire character, and this seemed to greatly fit the role. This made the Bard quite effective in melee combat, yet without overshadowing the other classes more suited for it.
I really hope that the Pathfinder RPG may incorporate some (if not all0 of the Swashbuckler abilities into the Bard class.