>In the common case of one directory entry per file, there is no difference between your proposal and the way the system already works. Each file would still have one set of permissions, just stored in the directory entry rather than the inode. However, in the case of a file hard-linked into multiple directories, a single item (the contents of the file) would have multiple, possibly conflicting, permissions, depending on the directory entry used to access it. I consider that a step backward from the current model of one clear-cut set of permissions per filesystem object.
Why is it bad?
Personally, I'd simply ban hardlinks completely if it was up to me.