I like the sound of the different colleges, especially that they can modify the use of bardic inspiration. It sounds like bardic inspiration can be used on multiple characters at a time, which is good. I'm curious if/how its usage will be restricted...
If it is usable a limited number of times per day or rest, I am concerned that it won't have a big enough effect.
What I'm hoping for is that it is only limited by the time it takes to inspire. Which is to say, if it takes 1-5 minutes for the bard to use inspire his/her allies, then it would be available "per encounter" in a 4e sort of way. Of course, it wouldn't help in an ambush, but based on how I understand the flavor of the ability, it really shouldn't.
My concern then would be how inspiration would work with skill checks, since there would almost always be time out of combat for the bard to use the ability, but I suppose that bards have always been able to sing a ditty and help their party out in those situations (unless they were sneaking).
I think that if the colleges focus on buffing the combat application of inspiration, then it will be okay if the bard gets to use in many times throughout the day. There are other balanced options, I'm sure, but this is what I'm hoping for.