IPS is Iron Pipe Straight thread. It's meant to seal on a washer (like the threads the hose for your toilet or faucets attach to). NPT is a tapered thread, designed to seal on the threads, which is why you put pipe tape on them - to lubricate them and help the threads deform and create a seal.
IPS threads are also a generic name for NPSH or NPSM Threads " American National Straight Pipe Threads"
http://www.engineersedge.com/fluid_f...eads_13376.htm