And a 5' cutter wont necessarialy be slower mowing either. Speed is a function of how much power you have. a 6' cutter is 20% bigger, but that would also mean going 20% slower for an equal cut without bogging down. So by going to a 5' cutter, you may be able to mow a gear higher to make up the difference.
I've heard this said, and my (limited--admittedly) experience leads me to question it. On the fields I have bush-hogged, the limitation on speed has been either the thickness of the brush or the bumpiness of the ground. And when I say, "thickness of the brush," I don't mean how fast I can go without bogging down, but I mean how well I can see what I'm getting into so I know if I'm about to drive into a ditch or mow over an object. In these circumstances, I found myself wishing for a bigger cutter, since my PTO hp was not the limiting factor in my speed. I could have driven at the same speed, but covered more ground.
I have run into some cases where the brush is thick enough to bog down my engine, in which case I agree that it doesn't matter what size you're using. But when the brush is not thick enough to bog down the engine, other factors may limit speed in a way that mean you could use a larger cutter without tradeoff. I don't know how typical my results are, and like I said, my experience is limited.
My preliminary conclusion was that a larger cutter was better because, in the thick stuff, you could always slow down, but in the thinner stuff, you could go as fast as the terrain would allow and cover more ground than if you were using a smaller cutter and going the same speed.