Ummm, not to nitpick too much, but a billet can be extruded or forged. Billet just means chunk'o'metal.
True, but in gun parts parlance, like AR-15 receivers (though those are aluminum and a whole different ball game), "machined billet" means machined from an extruded rectangle, usually with a couple pages of hype to go along with the higher prices and heavier weight.
I doubt many firearm manufacturers are doing much with billet these days, anyway. The cost of worn out cutters, the tremendous amount of scrap and the time it takes to turn generic blocks of metal into a gun would be astronomical for large scale production. The complex shapes are best done from forged or cast blanks.
Really depends on the specific part. Most barrels are machined out of thick extruded round stock, and you usually lose a lot of metal. Most boring and rifling machines can only put a bore in the exact center of a round stock, so if the locking lug is say 3/4" from the center of the bore, you need a 1.5" diameter stock minimum. For instance: http://www.kahr.com/KA-2A.html Then if you click next page, their slides are machined from round stock, too. But I believe the frames are cast.
I believe Kel-Tec machines their slides from extruded rectangular stock.
Forging is surprisingly uncommon, at least on autopistols. Most seem to be machined from extruded stock.