The MCH proc rate on the main combo skills will still be %50, but they will have different effects and work with new "Heat" feature. It may or may not be better, in your opinion.
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Bard was always a buff class though, these changes go back to roots of 2.0 and expand on the current songs. Though we don't get a regen song like the 2.0 Bard mentor, we are getting what many people thought we should have gotten in 3.0 in faster cooldowns, damage reduction on mobs, and damage received.
The MP/TP regeneration songs became role abilities for ranged DPS jobs that are now called Tactician and Refresh respectively. So they still exist, but bard has changed dramatically once again so the changed songs all do the same thing (2%crit buff now) but each has a different additional effect. I highly recommend watching the Mr. Happy video to get a better idea of how these songs work and why they were changed..
I feel like some people cant see the forest through the trees right now and are blinded to everything else purely because SE chose to keep the name 'Mage's Ballad'. . .
For this reason Ive created a second thread in the DPS roles section of the forum so that hopefully SE will see it and take into consideration changing the name of Mage's ballad to avoid confusion in the future. Please feel free to post your feedback regarding the naming there.
This so far are the changes I am most looking forward too, I saw SCH and SMN, and I was like " I thought we were DoT Mages... Where did our DoTs go? Though what about our AoE, we had great AoE with the Bloodletter/Rain of Death Proc... what now?