The idea of a bard, were you to explain it to a non-fantasy lover, is boring. They're minstrels that have the magic power to cheer you up, at least in D&D terms, and anywhere else it's basically the same. Why exactly does one need to go to a bard college? Couldn't you just learn the instrument yourself and the magic would just come with it? There isn't a heap of information regarding the college because we've never been there in game, and we are unaware of the processes within. Though, perhaps, there could be something amiss within the halls of such a pristine facility.
I have no doubt that if the college is fully in the game that there will be some sort of faction represented to it, though I would hope that Bethesda doesn't go all Harry Potter on it. I think that there are secrets that just might pertain to the main questline within those halls; most likely some macguffins or other. This sounds like such useless speculation to you all I know, but just think of how the factions were (technically) integral to Morrowind's main storyline and how they impacted the journey of the Nerevarine prophecy. Skyrim is a very unexplained province, even regarding the other provinces we've never focused on, and the Bard's college is the only thing that we know very definitely about the region.
Just mindless speculation, or is there some credence here? Discuss away my friends.