There are a lot of misunderstanding about the concept of an ABS on this thread. Most posters here got it right but some are just way off.
ABS stands for 'Anti-Lock Braking System'
It's a safety device that ensures the heavy-footed panic brakers do not lock their wheels in an emergency stop.
When you slammed on the brakes way too hard, you lockup your wheels. Effectively you used up all the grip that was previously available when your tyre contact patch was actually in contact with the ground. Since you have now overcomed your contact patch to grip the road, your wheels no longer rotate (hence the term 'locked'). You will just slide stright ahead from your last direction before locking up. Steering inputs will no longer be effective and you lose all ability to steer yourself out of obstacles. Most tests also show that with locked wheels you lose at least 30% of traction, and therefore you need a longer distance to slow down and/or stop.
Contrary to popular belief, an ABS system does not shorten braking distance when compared to a non-ABS system. All it is doing is to prevent wheel lockup. All things being equal, if the driver in a non-ABS system applied maximum braking without locking up, the stopping distance should be as good as an ABS system.
To be at maximum effectiveness in a non-ABS car, the driver needs to 'modulate' his braking so he is just braking just at the threshold of lockup. Cadence braking is another technique taught to users of non-ABS systems whereby if you exceed the lockup threshold, you reduce foot braking pressure to the point where you free the wheel from lockup and regain grip. You hear people talk about Cadence Braking all the time as 'pumping the brake pedal'. An ABS system does the same thing...Only thing being the computer does the pumping for you....many many times faster than the human foot can manage. That is why when ABS is activated during hard-braking, you can feel the brake pedal 'pulsing'.
Incidentally please do not be a clever dick and try out cadence braking on your own without proper professional supervision or instruction. I can assure you it is not as easy as it sounds and you will mess it up with bad consequences if you attempt to do it without proper coaching. Sign up for an advanced driver course if you wish to learn. Always a good investment in my opinion.