Upside to two bards is super fast leveling, even from 55-60 though not as easily as 2-55. You'd also be a class that is in high demand in both planar raids and boss raids. Your gear costs are very low without sacrificing much effectiveness, and you get to move like 1000x faster than anyone else on the server. Weeeeeeee!!!
Downsides are every group on the server would laugh when you asked if they wanted 2 bards to join their group (a lot of groups don't even like having 1 bard around unless they completely lack any kind of other haste/slow/CC), and you won't probably be very good at killing tougher monsters in dungeons even if you have space to work with.
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