KM & learning: separated at birth?

Luis Suarez is a knowledge management consultant within IBM Global Business Services. Now in his tenth year with IBM, he’s clearly quite knowledgeable about KM. The first sentence of a very complimentary post on his E.L.S.U.A. blog about Informal Learning states:

…although not very much related to KM it has always been associated with it to some extent. Yes, indeed, I am talking about the subject of Learning.

I wonder if it’s beneficial to think of KM as something apart from learning. In Informal Learning, I wrote:

When the job environment changed but slowly, corporate learning involved acquiring the skills and know-how to do the job. Now corporate learning means keeping up with the new things you need to know to do the job. Maybe daily. The traditional barriers separating training, development, knowledge management, performance support, informal learning, mentoring, and knowing the latest news have become obstacles to performance. They are all one thing, for one purpose, and that’s performance.

What do you think? Do the old distinctions serve a purpose in today’s world?