Famousguy,
I have had a Simplicity "Landlord" 21 hp mower for about 12 years now. It is the finest machine I have ever owned. It blows away all the neighborhood JD's without a problem.
I also like the "bagged" look, but with this machine you don't need it. It has a few engineering features that are amazing. First off, it has 3 blades for excellent mulching. Even though it is not a zero turn type machine, it is a tractor type, I can turn it around a 3 foot wide planting bed with no problem. Secondly, and really most important, I can remove the entire deck in less than 10 seconds. A pull of a lever loosens the belts, and a cotter pin unhooks the entire deck so you can easily slip it out from underneath the tractor. I can easily clean the mowing deck because of this feature. And keeping the mowing deck clean and free of hard clumped grass is key to good mulching performance, and extends the life of the deck/blades. Also allows me to easily sharpen the blades whenever I want to keep them performing great. All my buddies in the neighborhood complain about taking the deck off of their JD'<font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font><font color="ff0000">•</font> requires tools, and scraped knuckles, so they just don't do it often. You gotta check out these machines and the thoughtful engineering that goes into them.
One other feature that it amazing is the roller striper on the back of the deck. It is a solid roller connected to the back of the mowing deck. With the weight of the deck and this roller, it puts perfect lines (strips) into the lawn. The lawn looks like a golf course or a freshly mowed baseball outfield. The striper was specifically designed for this. I have had dozens walking by the house ask me "who mows your lawn?" because it looks so great with the perfect lines on it.
With regards to the mulching and sometimes "clumping" of grass, I have this issue maybe 2 or 3 times a year, in the spring, when the grass is just growing like crazy and I can't mow it every 3 days! Even then, this clumping is minimal as long as I keep the deck clean.
Hope this helps. I also have a Simplicity snowthrower as I am sold on their machines for life.