Well, I'll be honest, by doing it with a sickle bar its a lot more of a pain. If you want to turn it into silage instead of just dried hay, you'll need to bale it too, which means you'll also need to rake it (with a rake, or by hand) and an old small square baler.
The small square balers are also cheap anymore, unless you live in horse country, where they're still used.
If you just want to cut it and stack it, though, yeah they're great. I will say, though, its a lot of work to get it into a proper haystack that will repel some water. Its kind of a lost art, which is why I'd recommend a small square baler.
Hell, you've probably seen people with old hay rakes out in front of their house as decoration:
They pile the hay into a row behind your tractor, so you can hit them with the baler.
Then you just drive over the piled row with a baler, and the cheaper old ones will just poop out a bound bale every 30 feet or so.
Thats an old PTO-driven one, but they've been making them since the 30's and some of the old old IH models dont even need PTO, they have a small engine on them that runs the baler mechanism.
If its a truly small-scale operation you should go simple like that, later on the small square balers had either a conveyor belt on an inclined ramp, or a hydraulic springboard that launched hay bales into a hay truck or cart that follows the baler. But, like I said, if you're not planning on using a hay wagon, theres no need for airborne bales, just let them fall behind the baler and pick them up after you're done.
Dont forget to stack and cover the bales though, or they wont properly dry and ferment.
And it goes without saying, dont let them overheat while stacked or they'll burn.