I tried installing just Forge, recommended build, and I get a black screen after the Mojang screen, I have modloader mods installed as well, and looking at the boot log it is looking like Forge can't read the mods like the normal Modloader, I also see about 5 errors when I have audiomod installed as well, is Audiomod phased out as well(Magic Launcher)
Below is the boot up log for minecraft, gathered from Magic Launcher. Note, all these mods work fine when I use the 1.3.2 Modloader itself rather than Forge.
The mods folder has 4 mods in it, Crystal Wing, Treecapitator, SmartMoving, and Rei's Minimap.