In the Linux World, LTS and similar terms mean that the distribution stays stable. That means: You will not get any major functional upgrades (at least none that break compatibility in any way), but you will get security enhancements. One example of this is Red Hat Enterprise Server or Cent OS, which only had PHP 5.1 and were not upgraded to 5.2, yet all 5.2 security upgrades were backported.
Think of it like this: If you are writing a custom piece of Software (say, a very special Apache module) today and the companies guarantees 5 year support, that means that you can be very sure that your custom software still runs in 5 years because all of the interfaces and structures will remain the same.
In the Windows World, this is not as strict but similar. Microsoft supported Windows NT 4 for 10 Years, up to middle or end of 2006. It was long obsolete by then, having been succeeded by both Windows 2000 and XP/2003, but because companies did either not want to migrate yet or had custom software that is not compatible, Microsoft provided support and (security) upgrades until then.
If you like bulleted lists, long term support means:
- Stable Interfaces and "System Core"
- Gets Security updates
- (Usually) no or not much new functionality is added
- Gives companies safety when making plans, as they know: If we launch this today, it is guaranteed to run until Date X.
- Not usable in any situation. If you want bleeding edge, LTS Systems are almost certainly not for you, but even technology that is not that bleeding edge may not be added (i.e. Windows NT never got real USB Support, RedHat/CentOS ran PHP 5.1 instead of 5.2, even months after 5.2.0 was released)...
- The exact definition about what Long Term Support covers varies from vendor to vendor, you want to check with them before making a decision