Under normal circumstances, a Bard's ability to identify magic stuff can save you thousands of gold over the long run. In the later parts of the game, where gold isn't really a problem, the Bard's ability still keeps you from having to trek back to town to get those items ID'd, or from having to rest so your mage can re-memorize Identify a few times.
The magic spells may not be heavy in number, but since he gains levels so fast, he can power up that magic missile or chromatic orb a bit more quickly... and when not casting, he's not completely useless (as a mage is) since he can have any weapons (thus, you should give him the best bow/crossbow you can find).
Of course, I can't say you made a poor choice in implementing the mage/thief, because that's one of my favorite multi-class combinations. Very weak in combat (much weaker than the bard), the mage/thief has a ton of different uses, especially scouting, casting an opportune spell from stealth, and offering missile support from the back ranks (slings and shortbows only...).
I like the bard, definately... but he doesn't fit everyone's playstyle.
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