You get all of the benefits and drawbacks of the Bonded Item rules. So, you can cast any 1 spell on your list whenever you want, can enhance it for cost, but also need to make concentration checks if not in use.
That being said, I highly doubt the intent of the Arcane Bond ability is to work with Divine Spellcasters. A Bard or Sorcerer casts Arcane Spells and are more eligible for the ability than an Oracle, or even Paladin are.
Sure, you can configure the ability to work with Divine Spells, as there is such a thing as a "Divine Bond," but there is not one in existence from Paizo that works in the manner you want it to; that sort of thing is neither here nor there.