OK Don, you've got the can of worms, so I'll take the lid off. If I get too one-sided, keep in mind that I am a devoted "forger"
Here goes. Stock removal advantages:
-Less equipment needed
-less time invested (on average) per knife
-routinly stock removal makers offer blade materials that forgers do not, and vise versa.
Disadvantages:
-blade size and shape limited to available stock sizes of materials
-Limited control of heat treatment(for those who send their blades "out" for heat treatment.)
-more waste material created by virtue of the process (blade material)
-And the final one I will qualify, and this is a very personal opinion, MATERIAL FOR MATERIAL, GRIND FOR GRIND, a forged blade will GENERALLY out preform a stock removal blade of the same material, with the same grind, (example: 5160 or 52100) This is a fairly rare occurance as each method is suited to certain blade steels that the other is not.
FORGING DISADVANTAGES:
-Long, hot, and dirty
-Generally more time consuming to create a finished product
-more equipment required
-Not possible in all areas of the country
-added expenses of operating forging equipment
FORGING ADVANTAGES:
-Size/shape of blade not restricted by stock size(s)
-Damascus steel (pattern welded) production
-total control over the production, heat treatment, etc. (sole authorship)(again compared to those who out source heat treatment)
-Better able to taylor the "overall package"(I talk about the "overall package on my "bits of steel" web page) to the intended use.
There are many other things that I consider advantages, but I suspect that there might be a lynching mob forming already. Just remember, these are only the OPINIONS of guy from Montana. No offense is intended to the stock removal folks.(I was one myself once)
http://www.mtn-webtech.com/~caffrey
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Ed Caffrey
"The Montana Bladesmith"