A short term for, "I Love You", but they don't mean the same thing. ILY is often used when you're speaking to a friend. If you're actually in love with someone, take your damn time writing out the whole thing.
Friend 1: gah, gotta go.
Friend 2: ILY!
Friend 1: ily2.<33
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Boyfriend: I love you.
Girlfriend: ily.
Boyfriend: ..you can't even take the time to write out the extra 5 letters for me? wow, we're through
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