Good brief on it, Zaffex! You are correct in how it works.
There are many components to the ILS system in total. There is various forms of runway and approach lighting, different kinds of ILS "approaches" which use different kinds of radio navigation tools, and different kinds of procedures to handle different kinds of "approaches" too.
The approach is also only one area of Instrument flight. There are "SID"s too. An instrument "approach" is called a "STAR", which means Standard Terminal ARrival procedure. A "SID" is a Standard Instrument Departure procedure. It would literally fill a book on how all this stuff works, and now with GPS and WAAS coming into the picture the ILS systems are changing, and becoming available at airports not formally equipped with what has traditionally been known as an "ILS".
An Instrument Approach Procedure and a STAR are two different things. A SID is also not the same as a regular departure procedure either.
A STAR (which is correctly a Standard Terminal Arrival) is for larger airports with higher amounts of traffic. It's a standardized flow for aircraft to follow to line up for controllers. The entire idea of this is that it makes it easier for controllers to vector you around afterwards for the approach. For example, the entire point of the TAGER 3 STAR at Anchorage is that you go to the fix "TAGER" and then procede to the Anchorage VOR (you get vectored before reaching it, usually for an ILS).
The STAR gets you to the Terminal Area, the Approach gets you to the ground.
A SID is the departure version of a STAR. In both cases controllers are able to assign you to the procedure and know that you will make the neccesary course changes through the procedure. This dramatically reduces the workload.
Like with the STAR and Instrument Approach (many airports have Instrument Approaches, but few have STARS), some smaller airports have a departure procedure, but no SIDs. Departure procedure would usually be for an obstruction, such as a mountain. The SID is for traffic flow and controller workload.
I'm going to intersperse a few quotes from the AIM here:
"INSTRUMENT DEPARTURE PROCEDURE (DP)- A preplanned instrument flight rule (IFR) departure procedure published for pilot use, in graphic or textual format, that provides obstruction clearance from the terminal area to the appropriate en route structure. There are two types of DP, Obstacle Departure Procedure (ODP), printed either textually or graphically, and, Standard Instrument Departure (SID), which is always printed graphically. "
"STANDARD INSTRUMENT DEPARTURE (SID)- A preplanned instrument flight rule (IFR) air traffic control (ATC) departure procedure printed for pilot/controller use in graphic form to provide obstacle clearance and a transition from the terminal area to the appropriate en route structure. SIDs are primarily designed for system enhancement to expedite traffic flow and to reduce pilot/controller workload. ATC clearance must always be received prior to flying a SID. "
"STANDARD TERMINAL ARRIVAL- A preplanned instrument flight rule (IFR) air traffic control arrival procedure published for pilot use in graphic and/or textual form. STARs provide transition from the en route structure to an outer fix or an instrument approach fix/arrival waypoint in the terminal area. "
When someone is referring to an ILS generically, they are generally referring to what is known as a "localizer" in conjunction with an on-airport "VOR" The VOR portion provides left-to-right guidance, while the "localizer" provides the vertical slope, or glide slope, information. So, when you are on a full "ILS" approach, you are really using two different radio signals to guide you down. There are other ways for finding the airport too. There are Ground Surviellance Radar approaches (widely used by the military in conjunction with a "GNC" officer), NDB approaches, which use the ADF radio (these are going away), and GPS now too. As I said... there are plenty of things I could write about here to explain all of it, but I'm not a CFI, and it would take a book, literally, to deal with the topic.
Someone previously corrected the ILS components (I want to make sure it is clear that the localizer and a VOR are two different devices that work in very different ways). The radar approaches are becoming fewer and farther between now. Few controllers can provide it, and I've only seen military bases listing it (and not all of them).
The thing to also know is that the ILS system is a term generally used to denote the entire range of Instrument approach and departure procedures colloquially, while flying an actual "ILS" is dealing with the two different, high precision, radio beams providing horizontal, and vertical navigation information. Oh, and yes, you can have an "ILS" that does not provide glide-slope information. In cases like that, the procedure is to use speed, and time from known points to plan decent rates so you end up where you are supposed to be.
You could know that, but it is incorrect. ILS is a very specific term denoting a single system that has both vertical and horizontal guidance. And *no* you can *NOT* have an ILS with no glide slope information. In that case it's a LOC or Localizer approach and not an ILS. Now, the ILS charts will have a LOC depiction and MDA for use with no glide slope, but it is still a different approach. An approach with no glideslope installed is simply termed a Localizer approach or LOC.
Ok... I suspect this has totally confused many at this point... so I'll stop here. 
I hope I havn't offended you with my corrections here. Those are very common misconceptions about how the IFR environment works.