Here is a bard build I happened to come up with and it seems that It'll be an effective one
Hybrid w/ healing focus The advantages:
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Healing: Not only are you able to heal your self alot. You'll also be able to revive, which will be essential, not only in PvP but in groups/ instances and anything that requires team work.
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Defense: Not only do you get the increase defense from the light but with the additional defense from the water tree, It'll be hard for one to lay some "fatal" damage on you with all the extra defense that comes between the two trees. Not to mention with the sonata of water skill added, It will also reduce the damage taken.
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Attack:Though this isn't the greatest advantage. There is the advantage of the slow down of Ice Seal. Which'll spare you some time to throw in a few extra attacks. Then there is also the reduced mp cost of all your attack skills that come from the code of magic, which will save you some mana for healing abilities as well. As well as the increased ability to dodge critical attacks.
The disadvantages:
Attack: You won't hit nearly as hard as a full water build bard. You also will not be able to crit as often or (again) as hard as a water/wind bard.
Other then the reduction in damage that you could potentially do, there aren't many disadvantages to this build. With the increased defense and the healing abilities you'll be a hard machine to kill and with the other side benefits... It can become quite frustrating for those that are your target. While still being extremely effective in groups.