If you shoot mostly static subjects (not moving) and maybe in marginal or dim light or a lot of scenic type stuff where you'd like to avoid using a tripod as much as possible for convenience sake, than an IS lens is what you'd want.
If you shoot moving subjects like people, or want a better ability to isolate your subject, then a faster larger aperture lens is what you'd want before IS.
And yes, some lenses have both.
I mostly shoot my daughter (11 months) who doesn't know to hold still for a camera so IS/VR is pretty much useless to me and I need and have FAST lenses.