I have both a flail and a brush hog. The brush hog mows faster, and with sharp blades will produce a very clean cut. Also for larger saplings, brush, & small trees, generally speaking if you can drive over it with the tractor the Bush hog will cut it.
I got the flail for mowing horse pastures because it breaks up the horse poo and mulches it in, so I basically mow and drag the pasture at the same time.
The flail also leaves all the clippings evenly distributed on top, which depending on how high the grass is can form a fairly thick mat and tends to slow regrowth significantly.
So I bought a finish mower, and now use that to mow pastures and the flail is rusting away in my row of parked attachments.