I am going to disagree and say that you do not waste as much hay with a processor.  There is defineately a big difference between a good processor and a bad one.  In my opinion an Emerson processor built in Whitman, Ne. is the only way to go.  The time I can save by hauling 6 bales intead of 2 is also a plus.  I have taken care of anywhere from 650 mother cows to 550 first calvers plus 750 yearlings with no other help for the past 6 winters.  If I have to plow my way to the cattle to feed I may as well feed while I am there.  Anytime I have fed alfalfa the cattle have licked the ground slick, so I would have to say there is not much waste there either. Just my opinion.  I know Soapweed has a few different rigs set up with bale beds so that they can get everything fed.  Seems to work well for him, his cattle are always in good shape when I've seen them.