You can get a decent cut with a brush mower if your blades are in good shape. Brush hogs generally do not have their blades sharpened all the way... there is usually a 1/16" or so blunt edge on them. This allows them to take a beating when they hit rocks or stumps without chipping or cracking (or at least without chippin gor cracking as easily).
Even with that blunt edge, I can get a decent looking cut with a new set of blades, or one that have just dressed back to a clean 1/16" blunt edge. Once I've beat a set of blades up pretty good mowing my trails in the woods (we have a LOT of rocks and stumps to deal with), even dressing up the blades doesn't get me that good a cut anymore. What happens is that the repeated hammering on rocks starts to bend the ends of the blades upward, so I don't get a level cut anymore. If you know your pasture and avoid the trouble spots (or eliminate them), you can get a decent mow with a brush hog. The more frequently you mow, the more like a lawn it will look.
To improve the quality of the cut there are a few of things you can do:
1) Mow regularly
2) sharpen the blades to a sharp edge (like a finish mower). Make sure you've cleared the area of rocks, stumps and other obstacles before doing this.
3) play with the front-to-back leveling of the mower deck. For general brush hogging, you usually leave the rear of the mower a bit higher than the front. For more of a finish mowed look, run the front and back level, or even try running the back slightly lower (maybe up to 1/2 inch lower?). NOTE: the reason you normally brush mow with the rear higher is to improve the discharge of the debris you are mowing. Running level or rear low will interfere with this a bit, so it works best if the grass is not too tall to begin with. Running rear low also takes a bit more horsepower, since you are in effect cutting the grass twice: once with the front end, and again with the lower rear end.
If you have concerns about the look of a brush mower, see if you can borrow or rent one (or demo one from the dealer), but remember thte blades may not be in very good shape on a borrowed or rented unit.
Someone posted here in the last couple of months a photo of the finish they got from their brush hog. It might be worth looking for that post.
Hope this helps some.
John Mc