I think some of the most relevant features offered in an LMS, which relate directly to effective online instruction are: Course Content, Communication, and Course Assessments.
Course Content: Course Packages such as SCORM and CANVaS allow users to import and export course content to and from LMS’s.
Communication: Email, IM, and Discussion Board are some of the commonly used communication tools in e-learning. IM and Discussion Board both provide instant feedbacks while the later also encourage students’ interaction.
Course Assessments: Online assessments can be used for low point or low risk pre-assessments and quizzes. To prevent students from collaborating or cheating, the online assessments are often timed. Assignment Dropbox is a great tool in LMS’s. It helps both the instructor and the students to keep track of assignment submissions.