What a great fuel source! I would take the woods any day. You can always chop down trees and either keep it all or sell it. You can make some pretty good money selling firewood to people to fund some of your projects.
I think the Back to Basics book has a really nice layout showing woods vs pasture. What they are best used for and such. It shows where to put your house, plant your wind break and build the barn, stick your animals.
I found the information very helpful. I compared it to a couple properties I have looked at. Just to get some ideas.