Yeah, wrapping SOUNDS like a great solution, no storage barn necessary to keep hay "perfect". But that's not quite the reality. If you wrap dry bales, at least if you wrap them before they've steeped out, they get a smeary slime on the inside of the plastic. The baleage bales will get this too. There's an "ideal" moisture level to get it right, if you're going to do it. Either they should be DRY... and steeped out, before wrapping, or in that 45-50% area. Wetter and they'll heat in the wrap and squat badly. Between 20-40%, they'll sweat and not ensile as fast as they need to, and you'll have spoilage (mold) in them.
Like Chevy says... it's hard to get it all the way dry in alot of the country... including here. Baleage (or making silage of any kind) can give you an opportunity to actually make some really excellent high quality forage, when you might not otherwise be able to. But I still prefer dry bales to anything. Might not say that if my own hay was pure alfalfa though... you automatically are losing an awful lot of leaves to the handling processes when making it dry. With grass not so much.