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ILS is a system designed to aid pilots for executing landing in IFR environment, particularly under low visibility. The predecessor of ILS was PAR (Precision Approach Radar) system which uses a narrowband radar to guide the landing. The two systems are pretty similar to each other except PAR requires a dedicated operator to monitor the radar in the tower and issue verbal instructions to advise the landing aircraft for any correction. In constrast, ILS interpretate the information into graphics and presents on the instruments onboard the aircraft. This allows pilots to receive the approach information without delay, which's essential to today's civil aviation.
ILS consists of two components, namely 'Glideslope' and 'Localiser'. The glideslope is for vertical positioning while the localiser is for horizontal positioning. Imagine that an aircraft is approaching the airport and it needs to change the course in order to align with the centreline of the runway it intends to land on, while at the same time it's descending from a certain height.
The glideslope is used to guide the approaching angle of the aircraft. It's very important as a steep slope may result in landing too fast, whilst a shallow slope may cause the plane to fly too slow and lead to stalling. A good glideslope also allows the pilots to have adequate visibility to the runway. Hence the glideslope is literally a compromise between the vision of the pilot and the approach speed of the aircraft.
The localiser is used to guide the alignment of the landing aircraft with the runway. Imagine that you're 20miles away from the runway. You can't really tell whether you're aligned with the runway as it appears to be too small to tell. Here the localiser comes in to help pilots to fly in straightly.
Some ILS also incorporates a device called PAPI, or Precision Approach Path Indicator, which is installed next to the threshold of a runway. It gives out light signals to the landing aircraft to indicate whether its glideslope's too steep or too shallow. The task's carried out by 4 lights. When you see 4 whites you're flying too high. When you see 4 reds you're flying too low. If you see 2 white and 2 red you're right on the glideslope.
It's pretty difficult the explain it without the use of pictures. Fortunately there's an article discussing the ILS system in MS Flight Sim where you'll get the information regarding how to use it.