There are many different formats of track racing (keirin, madison, scratch, points, sprints, etc.) and the video is of a sprint race. A typical sprint is 1000m on either a 250m or 333m track. But unlike in track, you don't have to sprint the entire race which is where a track stand comes from. Ideally you want to be the guy in back to help you get the jump, which is part of the reason why Hoy was able to win by that much. Another advantage was how quickly he dropped down the banking which helped his sprint.