Why would I want to forge from stock the size of a sledge hammer?? Is the steel higher quality? Is the grain inherently finer? I don't imagine it is. So instead, I choose barstock.
Now if a particular steel is only available in the monstrous sizes, then yes, I would go out and purchase a press or hammer and forge it into usable barstock. But I will not stop there, I will continue to forge to whatever shape I desire in order to keep the grain flow as much as possible. This also helps preserve the craft.
If I want a drop point, I forge it. Spear point, I forge it. Clip point, I forge it. Whatever I choose, I control it with my hammer. If I enjoyed grinding, I would simply buy a stick of ATS34 or whatever, a bunch of belts, and give it hell.
Forging to shape is difficult and I am getting better, but am nowhere near guys like Tai Goo, Don Fogg, and others who have even posted here. Whether or not it actually benefits the performance will always be debated. I do and as Bailey pointed out, it's been proven. Most folks believe what they do for reasons and cannot be swayed. That's fine, I am probably as guilty as any. I have seen knives, made from the same barstock that I use, perform beyond most anyones expectations. So I feel pretty good about the steels ability.
Ultimately it all lies within the maker. Are you satisfied? If so, keep it up. Just stay ahead of the hype and myths or you will get caught up in it. Test for yourself, don't just take someones word as gospel. They could be wrong.
Jeez I am long winded, Brett