I agree with you, Richard. I've been haying 50 acres with a bunch of used equipment that I got very cheap. Actually, my equipment has been very reliable, but the time factor is what I agree with you on. Haying is extremely time consuming, though to me, it's also extremely enjoyable.
When I first started getting into faming, I had a lot more time. But now that I'm milking goats twice a day, raising more live stock, and doing all the chores associated with that, my time is greatly diminishing. This may be my last year haying myself, unless I'm able to get some help. I hate to give it up, but as Richard says, it's just not cost efficient unless you're doing a very large acreage.
Also, as I get more livestock, I need to convert more of my hayfields into pasture so that cuts down on the acreage of hay, and cuts into the efficiency even more.
But, I gotta say, if you don't mind very hard work, baleing your own hay is a lot of fun, and very rewarding. Just not cost efficient.