Bert nailed all the major points, except one that I can think of- custom features...
A billet part can have features that would not be feasible with a forged part- an example would be a built-in trigger guard, flared mag well, finger grooves on the mag well, side charging handle on an upper... many are cosmetic, like 3d logos,etc.
depending on what you are looking for, those features may lean someone towards a billet part...
But I agree that forged will be stronger in the right places, without have to add extra material.
Just some examples:
http://www.ar15.com/forums/t_3_4/477...E_TO_YOU_.html