Somewhat self-serving, but I feel the usefulness of this perk is rather defeated by the lack texts that offer reward.
So far, in my character's lifespan and as far as I can recall, I've only gotten bonus XP from translating ancient texts in the Distant Shores quest, totaling maybe between 100-150 xp gained.
It'd be nice if more texts were tagged to give xp, or if the perk was completely reworked.
If a rework is warranted, then perhaps a buff to lore per day?
Maybe there could be a player-driven lore-writing project to quickly fill up an inventory of new texts to work into the Loremaster perk, in order to preserve and accentuate its original function.
Well, considering you get XP for clicking a placeable (often at very little risk to yourself), that seems pretty great.
The bard perks seem to be mostly fluff and not meant to put a great deal of thought into which one to take other than what is relevant to your concept.
Most bard perks offer a feat or some manner of static achievable/useful bonus, like movement speed or a wage.
The Loremaster perk just holds this carrot in front of you that you can never really take a bite out of, at least to my experience.
I'm fine with gaining XP, however minor, off translating texts.. it's just the amount of said texts that trigger the reward that seems very low.
Take for example the tome in Seer's. I'd think it fitting the description of ancient, but it doesn't reward any xp to translate it.
Comparing 10% move speed or heavy armor prof to some minor xp and a crappy song is pretty amusing. I think if anything the lore song could use a better boost since its modeled after an epic pc.
Give experience for identifying items? Nothing incredible but a small amount would work well with the idea of a Loremaster.