Personally, I'd prefer to have an extremely modular ship, just because it would be simpler to design than some kind of Forge ship (even if it is more limited).
EDIT: Helpful link from DE4THINC4RN4TE
[url]http://destinypedia.wikia.com/wiki/Spaceships[/url]
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I like the idea of forging a ship, but I used to spend hours messing with the vehicle editor in Spore so I'm down with creating my own look.