I'm pretty crazy about both. It's hard to say which will be the better choice for you.
The PK1 is a standard earbud form factor. It is comfortable if earbuds are comfortable for you. You pop them in, and that's pretty much it.
The ER4 is an in-ear design that goes deep in the ear. Not everyone finds it comfortable. In addition a fair amount of experimentation can be needed to find the combination of eartips plus insertion technique that provides a good seal, which is necessary for good sound.
The PK1 offers virtually no isolation from outside noises. The ER4 provides very high isolation from outside sounds.
The ER4 suffers quite a bit from "microphonics," that is, the sound you hear in your ears when the cable is jostled, bumped or scraped against by your clothing etc. is quite noticeable. The PK1 has no more microphonics than any other earbud.
In my opinion both of them sound quite good unamped from, for example, an iPod. And both improve tremendously with good amplification and with improvments in the source. In other words both scale quite well with your equipment. However lots of people feel that if you're going unamped you should choose the PK2 or ER4P over the PK1 or the ER4S. Personally I don't like the sound of either the PK2 or the ER4P, and would take the unamped PK1 or ER4S over them, but tastes vary.
As you probably know, lots of people hedge their bets on the ER4 by starting with the ER4P (easier to drive, a little more bass) and planning to add the ER4P-to-ER4S converter later. That's not a bad strategy -- though I think most people who move to ER4S never go back to ER4P, so you can save some outlay by starting with ER4S in the first place. There is no equivalent PK2-to-PK1 upgrade strategy.
People seem to have a love-it-or-hate-it relationship with the ER4. I'm on the "love" side, but some people just can't stand it. I don't hear those kinds of responses to the PK1 - nearly everyone likes it, I think.
Of the two the PK1 is probably a little more of a sure thing - but which is best for you could go either way depending on what you're after.