Forceps delivery is indicated for maternal exhaustion, prolonged second stage of labor, or medical conditions that require a shortened second stage. It can cause maternal trauma or rare fetal injuries if incorrectly applied. Vacuum extraction uses suction to create artificial caput and is safer for the mother but can cause fetal injuries like scalp lacerations. Both forceps and vacuum extraction have risks and benefits that depend on the situation and should only be used when medically necessary.