Basically the format is this (the order of each bit is not necessarily in the order I've stated but the full test will involve each part) :
Briefing (pay the man, £800 almost..... ouch)
45 mins or so to plan.
IFR departure
Airways to destination
1 X precision approach (ie ILS)
Engine failure on go around
General handling (unusual attitudes, partial panel, stalls etc)
1 x hold (assymetric I seem to remember)
1 x non preciosion approach (assymetric again)
Assymetric go-around
Land
Fail...... cry, get drunk, start a fight, have another go next week (ask Dad for another £800)
Pass......run up and down the runway naked like a mad man waving your arms, get drunk, tell girls your a pilot, get laid.
Serioulsy, passing the IR is about the best feeling ever.