Billet is just another word for raw material - usually aluminum. Billet is just machined to size from the stock material. Forged is hammered over and over and "pushed" into shape. Forged components are heavier than billet as the hammering makes the material for the crank more dense.
For example, a lot of tools like open end or box end wrenches are forged, and therefore have more strength than just billet or raw material. So forged tools and such do not break as easily as tools that are just machined or cast. Billet is just raw material machined to size. Billet is lighter, so it will spin up faster than forged, but can break easier. Forged is heavier and takes more energy to turn, but it will take more abuse and possibly last longer.
So it depends on what you really want in this case faster spin up time on the motor with billet at the expense of durability, or more durability with the forged at the expense of faster spin up times. I believe stock cranks are forged for longevity.
At least this is how I understand it, but please correct me if I am wrong.