Its actually a legume as opposed to a grass and there are 2 broad types. Annual, which includes Kobe and Korean and Serecia which is a perennial. The annuals are somewhat misnamed since, while they are true annuals, they self seed prolifically. Serecia is tough, stemmy, and not really useful. It can make good hay if its cut early but its hard to do. I've seen it used sucessfully mostly on acidic mine spoil reclamation. For cows on thin stillage or wet distillers grains it does make a good fiber source.
Most all we see around here are the annuals. They make real high quality feed, fairly low yields but they tolerate lower pH's than either clover or alfalfa and they fix nitrogen. As you mentioned, seed cost is pretty high. I'd not consider planting them for hays except for special cases. As a pasture component they are exceptional. I try to manage my pastures to maintain them since Im not paying that much for seed when ladino clover gives the same results at a lot lower cost.
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