The main drawbacks of casting are you get a hard, but brittle product with (generally) uneven quality. There are processes (like annealing, though I don't know how you anneal a massive component) that can solve these problems, but all iron/steel is "cast" at some point.
Cast iron is a material, not a process. It's an unfortunate legacy term for very high carbon steel (>2% by weight, or <11 iron atoms per carbon atom). For reference "standard" steel is ~.08-.18% carbon, and high-carbon steel is ~.8% carbon.
The >1% carbon precipitates out into graphite within the steel, causing it to behave totally differently. Less rusting, but weaker and much more brittle when solid. Less viscous when liquid, so you can cast long and thin parts.
> Are there different, higher quality casting processes, and I’ve only seen the bargain bin results?
There are, but it mostly is independent of the material. Some turbine blades are cast as single crystals for heat stability; you can't really cut a single crystal without introducing cracks and issues. There's also vacuum casting and spin casting (using a centrifuge to force liquid into the mold), which lets you cast metals that react with air or cool too quickly for normal methods.
Most of the variation in process is about the final form you cast into, though. Engine blocks are sometimes cast into a one-off ceramic shell that is sprayed onto a sand form. It's an expensive process but it lets you do the whole thing in one step.
> is it all very complicated and material specific?
It is very material specific. Fundamentally its all about shaping the grains. In many steels you can physically alter grains. In others, like precipitation grains (aluminum alloys, some steels) the structure is determined by the cooling and you can't physically shape them. In that case you may often get a better structure by casting since you can choose how to cool parts down, while a billet will have a homogenous structure that is usually worse towards the center.
If one adds some magnesium or cerium to the alloy, the graphite precipitates out as spherical nodules rather than feathery dendrites. The resulting material, called ductile iron, is much less brittle than traditional cast iron.
An advantage of the higher carbon content is a reduction in the melting point (by > 300 C), so the material is easier to cast than low carbon steel.
Wikipedia has a image of an connecting rod that has been etched to show the grain:
https://upload.wikimedia.org/wikipedia/commons/5/5c/ForgedCo...
You can see the grain has been stretched along the length of the narrow parts. Wrenches are another example of something that's commonly forged for this reason.
Casting has problems with thermal expansion, plenty of materials shrink significantly as they cool and complex parts cool unevenly which can cause them to break or deform.
Casting has problems with microstructure, plenty of materials, especially steels develop complex crystal structures with multiple phases of materials as they cool from liquids and even extensively in hot solid phases. It's hard to control this in a cast part.
Casting has problems with precision. The molds just can't be all that precise when in machining, a thousandth of an inch can be a relatively large distance.
However casting gets a bad reputation because most of the time you see it it's because it's actually very cheap, cheap materials, cheap process, minimal post processing. Higher cost things don't necessarily realize the savings from casting as much so they don't use it. And also a lot of higher quality materials have higher melting points which require more advanced tools to melt and handle.
Plenty of things though are cast and then machined, you notice this if you look.
Also, the processes are not really independent. It can be much cheaper to do a rough casting, and then machine just the critical faces of it, instead of using an “off the shelf” hunk of metal and machining it all into shape. So it’s not really “casting is superior to machining” or vice versa. More that machining is high precision but expensive. Casting has some up-front cost but once the patterns are made, each item will use material quite efficiently.
> The spokes are really hard to make precisely with machining
That is not true.
Cast iron is fantastic for building machine out of - while it isn't as strong, it is stable against vibration. There is a reason engine cylinder selves are often cast iron.
> I had some crappy cast pewter toys as a kid
Those were pot metal, not pewter (pester has many definitions but implies some qualty control). They are made out of whatever melts in a pot - often whatever is cheap at the recycle yard (without trying to identify what is in the metal - including lead which shouldn't be used in toys). Typically no control of the alloy was made and often they start with several different things that are great in isolation but when mixed result in bad behavior. Then the next time the make the toy they use different mix and get different properties. If you spend a little extra to get a known alloy pot metal is a high quality castings with great properties.
> I’ve only seen the bargain bin results
You have likely seen a lot of non bargain bin results. However since the parts are invisible you never thought about it or the alloy used. You see the failures and so casting gets a bad reputation because it is obviously used in the cheapest things with low quality control. (the door knobs in your house are likely cast pot metal plated with brass, but they last for decades)
I thought it was because cast iron had very high resistance to wear.
As somebody who knows absolutely nothing about this stuff, I wonder—casting, I thought, was generally a lower quality option (like cast iron doesn’t have fantastic high-performance material qualities, and I had some crappy cast pewter toys as a kid). Are there different, higher quality casting processes, and I’ve only seen the bargain bin results? Is there a general ranking of the quality of the result or is it all very complicated and material specific?