I can honestly say that I am a Bard who is guilty of using Paeon.
While so many think it has no place if you have a good healer, keep in mind we will not be in Abyssea forever. Meaning that unless Square implements atmas outside, the infinite MP pool dries up.
I have and probably always will use Paeon as a way to make down time easier for healers. They can rest MP and get up faster if the party is quickly Regen'ing.
Plus, I have had an interesting time with what I call "regen tanking". Noone likes the idea because noone likes having BRD inside Abyssea besides for proc'ing (and BLM/BRD has taken that over), but the concept is simple. Your tank has fully merited and geared Regen IV on from the WHM and Paeon V/VI with Ebony Harp +1 from me. Unorthodox, yes, but thats nearly 3k HP over 2 minutes that doesn't need to be cured. We found it helpful when trying to proc NMs or blood tanking.
I just checked this as BRD/WHM and the Regen effect is actually only 1HP/tick. It brings me from 3HP/tick to 4 HP/tick. Either this was nerfed or the original poster was referring to the effect on Paeon.
Never use Minne, like ever. Also never use Scherzo unless the mob is doing 75% of the tanks HP in one blow. Learn how to play the job before giving advice on it.