Out of curiosity, how much more dps equals utility on the scale of game balance? Should red mages do more damage than a bard? Or should the two jobs be equivalent in damage output?

There is no doubt that the ability to quickly raise a dead character is powerful. While, I understand this is an ability which is used less as the red mage progresses into harder content, it is highly useful in the content most players play. That utility cannot just be dismissed with a wave of a hand and clever words. Yet, bards do a great variety of benefits to the table, overall.