Swaging bullets is a very common way to make bullets, but it's not as widespread as a hobby for the home tinkerer. Most of the common jacketed bullets are swaged and many of the target bullets sold by Hornady and Speer (for example) are swaged bullets, but handloaders generally either use cast bullets or store-bought jacketed bullets.
However, the Corbin Co has been making dies that can be used for swaging, and some guys have taken to the hobby with an innovative approach. This afternoon I was surfing around this forum and found some neat pictures of bullets that were made from discarded 9mm brass.
I see on the bottom photo, a photographer's mark. I don't know who jonblack is, but if anyone can tell me, I'd be happy to give him a link.