Depends on what your career goals is...
IS is in the sense precieved to be more prestigous (in term of reputation, course intensity, etc) but I can safely saw that anything IS is considered second class in SOC (After all, CS students/staffs are still the majority)
At the risk of generalizing things (we all know that generalization is always some % not accurate), the IS course prepare as custodian/brick layers/fieldworkers of IS/IT functions.
At the lower spectrum of such career (up to project manager), what you do depends on whether you want to go the technical or consultant route (There is a third emerging route, data analyst, but i profess not to know much about this route and it would requires you to have solid quantitative skills, maybe something at the level of what we expect of a maths major)
For the technical route, yes, you either be the custodian of IT system or the developers (where the majority who chose to strike it out in IT goes).
For the consultant route, mostly likely you will act as a presales/post sales field professorional of ur wares and act as a middle man between the customers and ur company (Of course, there are more layers in more complex projects, but i am just simplifying things for the sake of explanation)
Oh yah, there is also this hidden route known as compliance (I know is more of an accounting/auditing thing, but there is also compliance in IS system). There is many ways to go into this, but chances are if you don't get into Big4 or uniformed services, very hard to break into it. One of the forum member here, dskw, is currently in this job position and maybe he can advise you better.
As you progress, your paths might diverge. You could go becoming a technical specialist (e.g a system architect involved in the decision behind technical details), or be a manager overseeing the IS functions of the organization (E.g maybe a director overseeing a few projects with a few project manager reporting to you) or roping in as a staff in charge of strategy in the CTO office, etc.