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BRD, very essential to a party
BST, less mobs for everyone else
More parties in the same zone: Fewer mobs for everyone else.
BSTs have the nice ability to EXP anywhere, even places that foolish herd-mentality players would never dream of going.
However, as a BST, you can expect a lot of grief from other players, who will view you as an outsider, competing with them, taking from them, and may sometimes be given little respect.
Bards are sought after in most experienced groups, though before 20, you may encounter some parties who don't really understand what you do, and don't know what to expect of you.
In far later levels, people will chop off their right arm to have a bard in the party.