I have a bard in my group. She's had VM since the beginning, and seldom uses anything in combat other than VC or Shatter. At lower levels, it was super good, because it often caused a single monster to miss. At level 5, there seemed to be a slight drop off, but it still wasn't bad at all. Once we started Against the Giants it became super awesome amazeballs, because she would almost always succeed (because giants suck at most saves) and the damage output by the giants was greatly reduced, especially when she targeted ones in the back (who would have cover against an attack, but nothing against a wis save) that were throwing rocks. She likes to pair up with the Barbarian who often uses Reckless Attack to help limit the return fire. She only gets upset when the damage actually kills the target (because someone else could have mopped it up without losing the Disadvantage).
Things to consider:
Bards don't have a lot of other options, unless they use Magical Secrets to pick up an attack cantrip. Unless they're College of Valor (which I've yet to see), their damage output isn't that great anyway.
It uses Psychic Damage, which almost nobody has resistance or immunity to. I've thrown out a lot of different creatures with various resistances/immunity, and she's never had to falter on her primary attack because of it (unlike the Fire Dragon Sorcerers who's greatly weakened in the Hall of the Fire Giant King).
Frostbite is pretty much the same spell available for Wizard/Sorcerer, except it's 1d6 and Cold Damage. I've only seen a few choose to take it, however. My guess is they have better options, and Cold Damage is something that things have resistance to.