Integral equation formulations are a competitive strategy in computational electromagnetics but, lamentably, are often plagued by ill-conditioning and by related numerical instabilities that can jeopardize their effectiveness in several real case scenarios. Luckily, however, it is possible to leverage effective preconditioning and regularization strategies that can cure a large majority of these problems. Not surprisingly, integral equation preconditioning is currently a quite active field of research. To give the reader a propositive overview of the state of the art, this paper will review and discuss the main advancements in the field of integral equation preconditioning in electromagnetics summarizing the strengths and weaknesses of each technique. The contribution will guide the reader through the choices of the right preconditioner for a given application scenario. This will be complemented by new analyses and discussions which will provide a further and more intuitive understanding of the ill-conditioning of the electric field (EFIE), magnetic field (MFIE), and combined field integral equation (CFIE) and of the associated remedies.