What benefit does this enable? I'm now a member after the ceremony but I still can't equip or play any of the instruments. Am I able to later on down the quest line or what?

Theres a few quests that will earn you skill boosts to all your skills under each archetype.

I think when you learn to play instruments you can play them in taverns for money? I really don't know much. My 2nd playthrough is going to be an assassin and bard. Is the college fun?

Definitely don't want to be a froo froo bard that plays music and wears tights. Really interested in improving my speech. I also want to know the benefits.

I'm nearly 100 in all skills but magic related, so the level-ups don't intrigue me as much as being able to play those awesome songs that actually sound really cool to me. So far I've got the 3 locating quests to do, and no playing =(