I have heard some bad experiences with barbed wire, like this one horse that used to board at the stables I'm at called Invite. She wanted to get to the stallions on the neighboring farm and tried to jump the fence and ended up needing stitches in her chest, fore and hind legs.
I don't have anything against barbed wire fences, as long as the horses respect them. Most of the horses by our stables have respect for any kind of fences, but in case the horses do have a problem with barbed wire, we always have a few paddocks that have wooden railing.
Have you ever thought of just plain wire fencing? Our stables have been mostly replaced of the barbed wire for this fencing. I have a picture below that shows what it looks like. Ignore the horse.