
Both are forged. The difference is where the wheel is allowed to fail, and what you can replace when it does.
Machined from a single billet. No bolts, no seal, no joint — which means fewer parts to loosen and less weight for the same stiffness.
The trade-off: lip depth is limited by the forging, and a damaged barrel means a new wheel.
A forged centre bolted to a forged barrel. Lip depth becomes a design choice, and the barrel can be replaced on its own if it is damaged.
The trade-off: a joint to seal and to torque, and slightly more weight.
Centre, barrel and lip. Maximum serviceability and the deepest lips — also the most assembly work and the highest cost.
Daily car, standard brakes, clean look: monoblock is usually the right answer.
Show car or a lip that has to be deep: two- or three-piece. If the car is likely to be rebuilt later, the replaceable parts are worth the extra.