My blitz is a about 100 pts higher, I suspect people with way higher blitz ratings play openings that they know frontwards and backwards and that their opponent may not (e.g. certain gambits) - but don't have as much luck with those in turned based when people can study and see the traps.
Someone did a survey on standard vs blitz ratings on FICS and found that, on average, players who were active in both categories scored 200 points higher in standard.
Ever notice how some people have good blitz ratings but bad turn based ones, or vice versa. Mine's about the same on both. How's yours add up?