So, I'll echo many of the sentiments above, but with some further qualification. I'll start with my opinion, and then explain.
My opinion on power forging tool purchase order:
- Power Hammer
- Forging Press
- Rolling Mill
Here's why:
Power Hammer:
Most versatile of the three. You can work down Damascus billets, break down large stock into knife sized pieces, help make other forging tooling, general artist blacksmithing tasks, etc. A power hammer has the distinction of also being better at bringing stock to final thickness than a press is. This is due to the fact that the die to workpiece contact time is much less with a hammer than a press.
Hydraulic Press:
Easy to control, can be made relatively quiet, when built right can forge down big stock very efficiently. If planned and executed properly allows for lots of die choices to be made easily. Better for forging complex mosaic Damascus constructions if you build squaring dies. Allows for other complex Damascus work that would be tough with a hammer. Presses are bad at working stock less than 3/8" thick. The long die contact just sucks heat out of the work piece. When I'm forging down to 1/4" or 3/16", I spend about 70% of my forcing time in working the final sizing.
Rolling Mill:
Pretty specialized really. They are good at taking stock to final thickness very evenly, but generally not very good at drawing stock down much unless they are REALLY stoutly built. If you make a lot of Damascus barstock, you might need a rolling mill. If you don't it will be of limited use.
That's my $.02
-d