To add,
Flat black has no shine to it. When it dries it's.... 'flat' or 'matte' in appearance.
The X-1 is a glossy black that you'd use on cars or something you'd like to have a shiny/glossy final appearance.
Note that you can apply a 'clear' coat over top of either color that can change it's appearance. Clear's also come in flat/matte and gloss so if you apply a gloss clear overtop of a flat black paint, it will end up looking gloss.
Good luck!!
Murray