LS stands for Life Style. I'm glad so many people felt the need to say that.
But what does that really come from?
The LS line was created to be shoes and apparel that is meant for casual wear instead of performance. These shoes generally had more unusual color combinationsthat were not traditional in basketball shoes. They also more often used materials that are not really geared towards performance, such as more suede andpatent leather, neither of which are really performance materials. Only certain retailers have LS accounts so they are more limited as they are not as widelydistributed. Of the major chains only Foot Action has an LS account.
Here on NT LS has become synonymous with the more wild colorways, whether each shoe really is designated as LS or not.
Pretty much all JB shoes have some matching apparel released around the same time, LS shoes tend to get a bit more merchandise.