I am wondering if these are equivalent?
$\forall x . P(x) \rightarrow Q(x)$ and $\exists x . P(x) \vee Q(x)$
Also, I see a lot of theorems and proofs in the form of $\forall x . P(x) \rightarrow Q(x)$ but I rarely see $\exists x . P(x) \rightarrow Q(x)$? Is there some reason why? Is the existential form too weak to be useful?
No, they are not the same.
The first one can be written as
$\forall(x), \neg P(x) \vee Q(x)$
Suppose P(x) and Q(x) are fallacies, then this is always true (as $\neg P(x)$ is always true), whereas $\exists(x), P(x) \vee Q(x)$ is always false.