You'll read a lot of good and bad information on forging vs. stock removal. I'll say that I don't agree with the statement that forging aligns the molecules, since there really aren't molecules to align, just stacks of atoms. In certain applications, parts will gain from being forged, but I think blades are such simple shapes it's not an issue, unless you're going very primitive and making steel from scratch. Then yes, forging is the only way to go.
Pros of forging:
Material shape - you can use anything you can find, from bar stock to round rods to square bars, ball bearings, etc.
Material Frugality - less steel is wasted when forging.
Versatility - you can shape the knife however you want, but stock removal limits you to what you can fit inside the bar.
Pros of stock removal:
Material choice - there are many of the newer steels, and some old ones as well, that are extremely difficult to forge. These are probably out of reach for 99% of smiths in terms of forging to shape.
Chance of mistakes - this one may just be me, but it has alway seemed that a stock removal maker has few chances to mess up the steel than someone forging, given the same steel. This is completely skill dependent, but feces occurs.
Equipment - all you really need is a file, hacksaw, and some steel to start stock removal. Heat treatement can be done by a heat treating service, to your specifications.