Double R Brangus, if you would like a board fence then by all means build one. There are the obvious maint. issues with them which I'm sure you're aware of. However you can easily turn a 4 board fence into an effective physical AND psychological barrier by adding two strands of high tensile wire on offsets to the inside. You will get the aesthetics of the board fence and the effectiveness of an electric which can be basically "hidden" from the outside of the fence. There are hundreds of thousands of miles of black 4bd here in KY (especially Cent. KY/Lexington area). Many of these farms are home to Horses and/or cattle. If you're looking for added safety a couple of companies make a conductive coated high tensile that is black and blends in very well with board fence. Gallagher makes one called Equifence, I'm not sure what the other is called. I've also seen several horse/cattle farms fenced entirely in black 4/5 strand equifence that looks pretty sharp.
It all depends on what you're looking for...
1)board= mild/routine maintenace, will need electric, relatively safe, nice looks, costly
2)high tensile 4/5 strand all hot(depending on where you live)= economical, functional, very low maint., psychological barrier, must be installed properly w/o shortcuts unless you want to get on the list with the disgruntled anti-electrics
3)woven wire= expensive, effecive physical barrier, can be high maint, spend the money up front for a class III galvanized-hightensile-fixed knot for less maint, offset hotwire still helpful to prevent rubbing
4)barbed wire= safety factor, expensive, can be high maint, pain in the rear to repair period, good physical barrier unless you have cattle that have any reason whatsoever to walk thru it as stated in earlier posts (I've cut up a couple of nice young bulls with this junk)
5)coated hightensile electric(Equifence)= medium cost factor, very safe, treat it the same as electric hi tensile, looks good
I'm partial to electric... and have a little bit of all of the rest.
On a side note, please dont consider electrifying the barbed wire itself.
just mho, as there are many schools of thought on fencing. I know what works for me and my area.