I like haylage. It has to be done right or you have a mess.  You asked about leaf loss, there shouldn't be any.  It's critical to chop it at the right moisture, not higher than 65 percent moisture.  Pack it hard. Cover it tight, and keep tarp  tight as you feed it out, assuming you make a pile.  Wrong moisture and it will spoil or mold.  Haylage is a hotter feed , nutritionwise, so you have to be ready to factor that in to your ration.  If you do enough to justify the equipment, I feel chopping is more economical than wrapping bales.