At my university, IS is at the College of Business; and, apparently, it is intended as a business developer-oriented software developer track; teaching people to weigh business problems with development problems.
Computer science (located at the College of Engineering, which is unusual for me to talk about) focuses more on how to solve problems; and will usually be much deeper.
As a best example, at my university in Computer Science, you may be implementing a memory manager in C as part of a class in operating system theory; in the IS course, maybe you are implementing a simple resource manager in VB.
And yes, from what I heard, IS is basically CS for large companies that have dropped out of CS and developers with a strong mathematical phobia.
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