At first glance, the main difference is the amount of cobalt used in the manufacture of the drill bits, but there's more. 

Pilot Point cobalt alloy steel Industrial cobalt alloy steel

5% cobalt alloy steel

- Great Performance in Hand Drilling
Standard Heat Treat
- Great Performance in Hand Drilling
Pilot Point
- Great Performance in Hand Drilling
Not recommended for Drill Press
Can not be re-sharpened

Industrial cobalt alloy steel
8% cobalt alloy steel

- Better wear properties
New Heat Treat Temps
- Extended Life in Drill Press & Hand Drill
Split Point
- Best Performance in Drill Press
- Can be re-sharpened