Hello Si
Yes - the IMC does teach you to do ILS approaches, though with lower minima than a full instrument rating. Basically if you can't see the ground at 600' agl (or more for some approaches) you have to go around. An IR pilot could carry on to 0' , assuming his plane was equipped for it.
It's well worth doing - hard to build hours in this country without it really - plus nothing beats emerging from all the low mucky cloud that covers Britain into bright sunshine - it's always sunny if you go high enough....
I know some people say it's not worth doing anymore, as you get nothing off the IR, but it's good instrument practice, and you'll probably complete your IR quicker if you're used to instrument flying.
Good luck with it.