Billet parts have become popular in recent years due to CNC machines that throw alot of metal chips in a hurry with a minimum of supervision/cost.
I agree that a forged crank is likely to be better than a billet crank as long as the metal used in the two processes are of equal quality/design for the job at hand. I suspect the material used in the billet cranks that Grapes speaks of is of a superior quality than what GM uses in thier forged cranks. So it is very possible to have a superior billit crank to that of a forged crank.
Other issues to consider when assessing the durability of a crank is surface finish, and the size of radius corners. Smoother the surface, and larger radius corners, better the durability.
93 Chev C2500 HD extended cab, long box, 6.5TDF, 4L80E, DB2 injection pump turned up 1/4 turn, flowmaster downpipe, EGT/Boost/Trans. Gauges, 97+ dual thermostates and HO water pump, 97+ round air filter, manual lockup torque conveter switch, homemade wastegate controller set at 8psi, de-snorckeled, 97+ air filter, 3.43 ratio rear gears, autometer gauges, 19 mpg.