Turbine blades are neither MIM nor are they machined. For the most part, they are investment castings, either directionally solidified, equiaxial solidified or single crystal. There is no other way to create the complex labyrinth of cooling air passages inside the blade other than casting. Investment casting (also known as lost wax casting) is the same process Ruger uses for its firearms.
MIM (Metal Injection Molding) involves pumping a slurry of fine metal powder with binder into a mold, allowing the slurry to cure ("green" part). The part is then sintered at temperature to burn out the binder and fuse the powder particles into a solid mass. The end result is a near net shape part that requires little if any finish machining. The basic process is very similar to powder metallurgy, except it substitutes a mold and injection pump for the high force press used to form the "green" parts when pressing powder. As has been said previously, if the part is designed and manufactured properly, it is as good as a machined forging at lower cost. If not properly designed or correctly made, it is junk.
An additional process can be used on MIM, sintered and cast parts to increase the density of the finished part, reduce or eliminate internal voids or porosity and produce an external skin more nearly resembling a machined bar stock or forging. In Hot Isostatic Pressing (HIP) the part is put in an inert atmosphere furnace, heated up to very close to the melting point while raising the pressure to 15,000 to 25,000 pounds per inch squared. This pressure surrounding the part squeezes it, collapsing internal voids and sintering the particles into a structure virtually as dense as a forging. But this improvement in density comes at a cost - it costs both time and money to perform this process. Again, it is the responsibility of the design engineer to determine if this is necessary, or if some other part fabrication process will give the desired results at less cost, shorter time,or better quality (or any combination of these factors).
MIM parts can be, and generally are, every bit as functional as parts made in more conventional methods. They cost less to make, and are more uniform in dimensions, but the surface finish is not quite as nice. The older forged, machined and case colored fire control parts in a S&W revolver are admittedly better looking than the newer generation MIM parts, but the new parts are as functional and just as strong as the older parts. The cost savings in machining labor is reflected in the final cost of the revolver - in today's competitive environment, the manufacturer has to go for every cost savings possible without adversly affecting the end quality of the product.