precision of the lowers (forged or milled) depends on who did the machining. They can both be machined to be more close to the nominal dimensions than is necessary for the firearm to funciton properly.
see here for an example of the process on billet.
http://cncguns.com/projects/ar15lower.htmlyou do the same milling/broaching on a forged one, but you don't have the option of leaving extra material or radically altering the outside shape without paying for new forging tooling ($$$$$)
the forgings look like this
http://www.tacticalinc.com/ar15-lower-receiver-forging-p-1108.htmlbefore machining. With the exception of the exterior machining operations, the interior ones are the same for both the forged and billet. the tolerances that can be held are the same.
the billet may be stronger (given all dimensions the same and same material) depending on the quality of the forging itself and the processing, but keep in mind that unless you are using your AR as a club, battering ram, etc. the lower is a low stress part.
Also keep in mind that some folks sell 6061T6 billet lowers. IFF you are worried about strength and weight, avoid these, as they will be one of two things : the same weight as the 7075T6 forged lowers and weaker, or As strong/stronger and heavier.
My general take is that the lower itself is a very low stress part. Unless you abolutely can not live without the freakin awesome looks of the billet lowers (I really do like how most look, and if money was no object, would drop it on them in a second) you would be better off saving the difference between a billet and a forged and using it on better optics for the finished rifle.