"Idiot lights" are how people refer to the light indicators for things such as oil pressure, water temp, etc. Most serious vehicle drivers like to see actual gauges instead of just lights. It allows the driver to more closely monitor what's going on under the hood. Since sometimes by the time an "idiot" light would come on saying "OIL", the engine may have already experienced some degree of oil starvation for a while.
So, that's a brief explanation. As far as what your truck should have, different models came with different set-ups, both are factory. My '86 Silverado has the full gauge setup (except tach). That's the way I like it.
I'm sure someone here will be able to tel you which trucks came with what.
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