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I've had this discussion many times with many other makers.
I think JM nailed it.
In the hands of a mastersmith, a forged blade likely has a small edge on performance potential (how small is debatable). However, in the hands of a mere mortal (most makers) a forged blade has many, MANY pitfalls and risks that can end in catastrophic failure. Even if such a blade does not fail, it is not likely any better than a stock removal blade of the exact same design by the same maker.
I'd love to see a blind test done to explore this debate. Design a knife--simple, but specific. Have two different makers make two knives each. All four knives would be made to precise specifications with very precise material choices. Each maker makes the knife via forging and then via stock removal. One maker will be an experienced forger and the other a stock removalist.
Then, have all four 'identical; knives tested by other makers who do not know which is which.
I wonder how predictable the results would be.
I wonder if each maker could avoid injecting his personally held bias into his work.
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