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"Grain" I think has a lot to do with alloy. Wrought iron has a definite grain structure, will many modern steel alloys really don't. I've seen grain structure in some tool steels, and I believe one can manipulate it. High alloy steels and air hardening tool steels don't develop a grain flow that I'm aware of. It would be interesting to know if this is true.
As far as the whole forge vs stock removal. I've always held the opinion that a forged blade, done properly might perform slightly better, but there is so much that can go wrong during the forging process that for most makers a stock removal blade would perform better.
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