I am really digging bard. It took a while to get used to his play style but he is very good at catching people out on the other team. His ult is like a long ranged morgana bind or syndra stun. If you hit a squishy that is solo and have some decent back up you will definitely kill him before help can arrive.
Bard's passive empowered autos SLOW targets by a substantial amount once later in the game so landing autos on to a cocky ADC can lead to him getting snared with your Q and blown up by your team.
Bard's Q can also be effective at locking targets down for either peel or snaring squishy purposes. It has a shorter range but is very good at what it does.
Bard's tunnel I am still not that impressed with. I think its biggest uses are getting around the map to ward and collect lanterns. You can also use it to disengage a fight some what effectively but your chasers can follow you through. I have used it to reposition in team fights infront of a fleeing enemy team before or to escape a team fight when low. Its a very situational spell and definitely a 1 point wonder.
Bard's healing relic things are nice for lane phase and also give a nice boost to movement speed. I have saved many a people placing the totem directly on top of a team mate to boost him out of a sticky situation or help dodge a skill shot. They are also helpful for getting your own stupid self out of getting caught. That extra speed is really really nice in those situations.