Forging and stock removal both. Forging is a lot of fun, the blade really seems to develop a "soul" or come to life, for lack of better description, faster when forging than when doing stock removal. It literally takes shape before your eyes. Sometimes it's nice however to just pick up a piece of steel and cut, file or grind it into a knife. It still comes to life in your hands, it just seems to be a function of how much time and effort you put into working on it.
Like Bruce, I am very attracted to the romance, as he put it, of the forged blade. I like to think I am connected in a special way to the bladesmiths of old (and the bladesmiths of today!) when I forge a knife.
I also think, with proper thermal cycling, a stock removal blade of "x" steel can perform as well as a forged blade of the same "x" steel.
Forging can be faster if you are a skilled smith. I've watched a local smith forge a knife from a large file to shape and then grind it to finished shape, ready for heat treat in just under 30 minutes or so! His shop is really set up to facilitate this also.