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I am consideting using Masterpieces for my character. Anyone have any thoughts on them or there relative usefulness compared to feats and spells? They seem like an interesting concept.

I think that masterpieces are scary good. Mostly because control winds is insane, but also because it allows you to really make use of bardic performance. Triple time, the combat expertise one, and the control winds options are all amazing.

If your DM isn't going to make it lame, the planar ally effect can be brutally good. (I have cleared dungeons with just myself and a planar ally)

I think taking them in place of spells is the best choice primarily because bards are relatively feat starved.

If your DM will allow it, making your own masterpieces can lead to extremely fun effects.