We have a bard player from the playtest who was really disappointed to see Call to Battle disappear, as she started every major battle with it. But I tried to console her with the fact that Bards are full casters now. I haven't looked through the Bard spell list yet, so I don't know how much being a full caster bumps the bard's coolness factor.
Yeah, play an Illusionist wizard & you'll get greater spell selection (& could easily get just as good armor).
Play 10 clr/10 sorc & you've got full spell slots, plenty of access to illusion spells, Bless, armor, weapons - bard with a bit less skills, IOW.
Well at early levels, I would say that bless is marginally better, but by 5th level, when the bard is giving out 4d8 (possibly 5d8) in inspiration dice per short rest, it easily outstrips bless, which is still only giving d4s (not to mention being less useful, costing an action, using up a spell slot, and requiring the clerics concentration).
Sure, concentration is a big limitation - I'm pretty sure this is why they changed bard 'song' in the first place, since in the playtest you ran into the quandry of 'do I sing, or do I cast a spell... oh wait, most decent bard spells require concentration also, drat.'
That said, even at your 5th level example, the bard may be giving out 4-5 single d8 rolls per short rest, but the cleric casting Bless once can give out that many d4 rolls PER ROUND if everyone in the party is attacking or making saves - and just keep doing that
every round, so long as they maintain the concentration. Personally, I'd still prefer Bless.
Edit: Actually, at this point if I wanted to play a bard, I'd just multiclass cleric/sorc (or cleric/rogue if I wanted skills over illusions), go Trickery domain for the flavor, Entertainer background, & reskin the cleric spells as songs. Boom, I'm a bardier bard than the bard could ever bard.