Is a battle host's Panolopy Bond permanent? If so, can it be enchanted like any other masterwork weapon / armour? If it can't be replaced and it can't be enchanted, how does it stay relevant beyond first level? Starting with a masterwork sword is great - unless you're fighting some lycanthropes or fae; at that point you'd kind of like to upgrade it to a silver or cold iron one. Or if you find a magical sword that's historically important to your church halfway through level two, but you have to stick with your starting weapon that's not especially important to anyone at all. (After all, if it were the famous sword of some historical figure, it wouldn't be a mundane sword, now would it?)
Pretty sure it can be enchanted.
If it naturally improved its own enhancement bonus like Magus Black Blade, then no.
But since it does not, you can enhance it.
Yes, the bond is permanent. The item can be enchanted as items of its type normally can be.