We're not pre-hashing with MD5. The MD5 was already there. It's the only source text we have. The proper comparison here isn't MD5+bcrypt vs. just bcrypt — it's MD5+bcrypt vs. just MD5. So any collisions that MD5 causes are immaterial — they'd be there either way.
It seems to me that the most obvious problem is that you get two chances at colliding — once with MD5 and once with bcrypt. But bcrypt is not known to be especially vulnerable to collision attacks, so this setup is probably not noticeably worse than MD5 alone. But that's just looking at probabilities — I ain't no fancy crypto expert or nothin', so there might be much more subtle vulnerabilities than the added chance of collision.
> It seems to me that the most obvious problem is that you get two chances at colliding
Yeah, that's all I'm saying. I was answering a question about being "fundamental worse," and fundamentally, there are now two sources of potential collisions instead of one. In theory, that's twice as insecure! However, the practical effect is unlikely to rise above absolute nil anytime soon.
It seems to me that the most obvious problem is that you get two chances at colliding — once with MD5 and once with bcrypt. But bcrypt is not known to be especially vulnerable to collision attacks, so this setup is probably not noticeably worse than MD5 alone. But that's just looking at probabilities — I ain't no fancy crypto expert or nothin', so there might be much more subtle vulnerabilities than the added chance of collision.