I hunt a place with some serious terracing done decades ago when it was a popular practice and put in CRP plus some pasture. Some was put back in crop recently where the terraces are a royal pain slowing equipment down, the terraces are also not needed with notill planting.
I work for NRCS and have got to disagree about the no-till planting comment. NT is great for controlling sheet and rill erosion but does nothing for controlling gully erosion. Gully erosion happens in areas of concentrated flow. Depending on crop rotation, soil type, slope and slope length, you may need terraces (or Diversions on steeper ground) and grass waterways or cover crops to control the erosion. I see lots of NT corn and soybean rotations that have problems with erosion. The soybean residue disintegrates and leaves the soil surface bare. Pretty soon, you get little rivulets of water that form into bigger concentrated flow areas and you have an ephemeral gully. Leave it go long enough and you have a serious size gully.
BTW, Terraces are designed to be farmed so are they flatter and broader than Diversions. They worked well but modern wide equipment doesn't fit very well on them anymore. Max field slope for building a terrace is around 6 or 7% if I remember right. Anything over that needs to be a diversion. Terraces can be designed to store water (and let it soak in) or sloped to drain or have a standpipe to drain. Diversions always are sloped to drain and are seeded to a grass mix.
I've been farming contours strips, waterways and diversions since I was a kid in the 70's. Yes, they can be a pain but fixing gullies each spring is a bigger pain. Not to mention losing your topsoil.
Dale