[This](https://github.com/ipfs/notes/issues/208) summarizes it well. [Related.](https://news.ycombinator.com/item?id=18650670)

TLDR: IPFS acts as a single swarm (i.e. universal deduping) and has more projects like IPNS, IPLD, and Filecoin under its umbrella.

In my opinion, the project is more of an effort to evolve of decentralized technologies to a point where they can be used for mainstream products.