The advantage an AA would have over a fighter at the same lvl would be first and foremost, the use of buffing spells, if taken through as a bard, and the Use Magic Devices skill. As for other advantages, bard song is great to boost your attack, and damage, as well as that of party members. My personal favorite combo is bard/assassin/arcane archer, although, I am currently building a bard/aa. The other advantage is the arrow enhancement, which I have personally had to +7, using non magical arrows.
The disadvantage would be no weapon specialization, which is only available to fighters, however, using the bard/aa, I could easily take enough levels in fighter to gain that, as well as epic specialization. In this case, you'd have one very potent archer. I had a Bard/Assassin/Arcane Archer in Undermountain, back in the local vault days, and she was very successful, even against creatures that were immune to the sneak attacks/paralysis. She could grab a non magical long bow, with regular arrows, and do magic with them.
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