I grew up with terraces. Terraces can actually give you more land area. As mentioned they were designed to cut down on soil erosion. Management wise, you usually you have to work with them following the curves. I can imagine that big equipment would have problems. We did the math on our pretty steep slopes after terracing and it can be up to a third more area than the orginal slope. We graze them, and the grass grows well on leveled areas, and also on the steep slopes of the berms that form the terraces. We could never bale them.