Does ignore block a person?

From what I assume, at most you won't see profile posts, messages, and the shoutbox. Although you will prolly see their posts in the forum so you wouldn't miss something possibly important/informative.
 
If you ignore another user it blocks you from seeing his/her threads and posts, also the person you block won't be able to send you PM's, however the blocked person will still be able to see your activity.