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Density is increased by the forging process itself, even the cast steel cranks are lighter. Rotating weight can be a great place to go on a diet and often costs less than free. 
Disclaimer: I would be looking at a forged piece at power levels much lower than 700.
Correct. Grain structure is more dense on the forging just under the bearing surface. My own personal preference would be to go to a forging when nearing 500hp.
grain structure is more refined, but the density of the material is the same....
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