Learning is breathing in
Creating is breathing out
Knowing is holding your breath
Although I've never seen it defined that way, I think that's the good intention behind most of our efforts. Too quickly, however, expedience redefines KM as analysis and explication, economics reduces KM to technology, rhetoric deludes us to believe that rules can change cultures and behaviors, and we forget that the quest to master knowledge is as old as consciousness itself.
Without being able to articulate the reasons why, I was increasingly uncomfortable with the goal of "knowledge creation" (so creating, above, would be creating value, I suspect). In fact, using the word "knowledge" makes me uncomfortable. For one thing, I don't think people actually act on what they know so much as on what they believe to be true (objectivity is overrated). But more importantly, I've come to believe that knowledge and learning are less interrelated than opposite and mutually exclusive concepts.