Well in simple terms (I'm a simple guy), the kilo is an all out explosive event requiring great NMP and AWC (and the underpinning energy systems ATP-PCr & Glycolosis) to get out of the blocks fast, accelerate to maximum speed quickly and then hang onto to it through to the end - you wouldn't believe something so short could hurt so much. There ain't much "pacing" involved. There is a close correlation between Kilo winners and 1st lap times. Of course there is still a significant aerobic contribution to total energy requirement but much less than for the pursuit. Kilo riders are a special breed (of what I'm not sure

).
BTW - at Masters level from MMAS 3+ the distances drop to 750m and then 500m for 5+. The track TT was only introduced for women at the Olympics inside the last decade and has been 500m. The track TT has now been dropped by the Olympics for Beijing (well, technically dropped by the UCI). An absolute travesty but that's a large aside (since we're way off topic anyway). It's like removing the 400m from the track and field events....
The pursuit is much more dominated by the aerobic energy system but AWC still plays a crucial role and is an event where pacing strategy is absolutely vital to success (as opposed to the all out approach of a kilo). NMP and speed out of the blocks is far less important and careful pacing of first 1.5 laps is most often the determining factor in the outcome (i.e. don't go out too hard).
Now I don't remember the exact ratios of aerobic:anaerobic energy sources for each but it is something like:
80:20 for pursuit and
50:50 for the kilo.
For a 500m TT, it probably goes down to around 33:67.
The other aspect to consider why pacing strategies are so different for each is that while overcoming air resistance is the biggest "obstacle" in each event, the
proportion of total energy expenditure overcoming air resistance is less in a kilo than in a pursuit (and even less in a 500m TT). There is a higher proportion of energy expended in attaining kinetic energy, hence the high power and longer acceleration phase has greater influence on the outcome in a kilo.
Now it is certainly possible to do well in both if you possess the necessary attributes but at championship/national/world class levels these events are poles apart and require quite different training strategies. Typically we fall into one or the other (or choose to at least). Often it's hard to know until you have a go (hence my encouragement) unless of course you have a power meter since you can then break down the various components are know where you sit with each. Since you have a PM, you're in a good position to learn lots about it.
The kilo is a once off TT. The pursuit is a qualifying TT, followed by a ride off in the final if you make top 4 in qualifying. So pursuiters also need to be able to back up and repeat the effort on the same day (often only a couple of hours later).
The other factor to consider is that at Championships, the scheduling of these events means riding one can be detrimental to performance of the other (but not necessarily).
For such short events, they are actually quite technically complex beasts.
Now if you're really interested, Andy Coggan posted a presentation on the demands of the indivudual pursuit on the FGF forum here:
http://www.fixedgearfever.com/module...name=Downloads
There's also another one there discussing track applications for a power meter.