For those of you who have played a Bladesinger, you may have already come across this issue before - having to purchase ranks in both Performance (singing) and Performance (dancing). A difficult situation when they are cross-class skills for most classes trying to achieve the Bladesinger prestige class.
However, quoting the Perform skills from the 3.5 SRD:
• Act (comedy, drama, mime)
• Comedy (buffoonery, limericks, joke-telling)
• Dance (ballet, waltz, jig)
• Keyboard instruments (harpsichord, piano, pipe organ)
• Oratory (epic, ode, storytelling)
• Percussion instruments (bells, chimes, drums, gong)
• String instruments (fiddle, harp, lute, mandolin)
• Wind instruments (flute, pan pipes, recorder, shawm, trumpet)
• Sing (ballad, chant, melody)
I'd say the new system is fair and perhaps focuses on a Bard Specialising in a performance area where as before, it was a little less focused and believable - although some would say this was the true magic of the Bard.
However, the real issue becomes dramatically thinning out the skill point pool if you want to be the Bard who could entertain anyone and everyone. Obviously, this imbalance could be re-weighted with Synergy Bonuses:
5 Ranks Sing -> +2 to Act, Comedy, Oratory
5 Ranks Dance -> +2 to Act, Comedy
5 Ranks Instrument (Percussion, String, Wind) -> +2 to Sing and Other Instrument Classes.
This treats Song, Dance and Instrument as the base Performance skills.
Now while this does not alleviate the problem with Ranks for Bardic Performance abilities - although more base skill points should help - it at least rounds out the role-playing aspect of the Bard. Your performances in a variety of mediums should be quite good even though as a Bard, you will tend to focus on one over the others. Just an idea.
Best Regards
Herremann the Wise