Forging is basically taking a hunk of metal and smashing it between two dies. If done properly, it will form a grain structure, and increase structural strength.
Billets have the advantage of having more precise outer dimensions, so they look nicer. But outer dimensions are not as critical as inner dimensions, which are machined out conventionally anyway.
Save some cash, go with a standard forged receiver. The military has been using forged receivers since the dawn of time, so you can't go wrong.
Hell, AKs use stamped receivers, and they seem to be doing ok too.
Smaller companies make billets because the tooling required for making a billet is cheaper (all you need is a milling machine, or CNC), but is more laborious and time consuming to make. This is why they're generally more expensive than forged - but that doesn't mean they're better for all intents and purposes.