Also, we can extend both models over whatever range of lattice sites we like with differing couplings for nearest-neighbour, next-nearest-neighbour, and so on...
As was already said, the Ising model is a good model for when only the z components of the spins interact. Unfortunately, there isn't much in nature that can be modeled very well by it. The most general form of the Heisenberg model includes anisotropic couplings in the spatial directions, usually called the XYZ model.
The Ising model can then be viewed as a limit of the Heisenberg model when the couplings in the x-y plane vanish. If we let the coupling in the z-direction vanish, then we have the XY model, which is really quite an interesting model.