There's a valve in the rear brake line that attaches solidly to either the body or frame (don't recall), and then to the axle via a light spring. When there's weight in the back of the truck, the spring doesn't pull on the valve, and full braking pressure is delivered to the rear wheels. When there is not much weight in the back of the truck, the axle pulls on the spring, which pulls on the valve, which lessens braking pressure to the rear.
I don't think that's the same as the ABS. There's a toothed "interrupter wheel" in the rear diff (maybe 32 teeth on it?), and a hall-effect pick-up sensor, that feeds the signal from the interrupter wheel to a "brake modulator"...I guess that's mounted on the firewall...which is SUPPOSED to give you pulsed braking, when the rear wheel locks up (and the signal from the interrupter STOPS).
Arguably, when this happens, the modulator should REDUCE the braking pressure to the rear wheels, until the "locked" condition stops. On dry roads, I would expect to see a skid-mark like a dashed line from the interaction of the brake modulator going in and out of the locked state. I've never seen, nor felt such a modulation of the braking action, in panic-braking conditions (which is when you need it most).
Now the GV is MUCH different. When you fire it up, you get about a second "self-test" of the ABS system, and you hear it, and feel it in the pedals. You do anything more than breathe on the brakes on ice, and the ABS kicks in immediately, and it really works. My first experience with ABS was on slightly larger vehicles - the 100,000 pound F-111 aircraft stopped entirely with brakes. No chutes, no thrust reversers, just massive brakes, and ABS that kept the wheels from locking up on all kinds of runway conditions.