Integrated sensing and communications (ISAC) is potentially capable of circumventing the limitations of existing frequency-division sensing and communications (FDSAC) techniques. Hence, it has recently attracted significant attention. This article aims to propose a unified analytical framework for ISAC from a mutual information (MI) perspective. Based on the proposed framework, the sensing performance and the communication performance are evaluated by the sensing MI and the communication MI, respectively. The unity of this framework is originated from the fact that the sensing and communication (S\&C) performance metrics, i.e., the S\&C MI, have the similar physical and mathematical properties as well as the same unit of measurement. Based on this framework, the S\&C performance of downlink and uplink ISAC systems is investigated and compared with that of FDSAC systems. Along each considered system settings, numerical results are provided to demonstrate the superiority of ISAC over conventional FDSAC designs. Finally, promising open research directions are provided in the context of MI-based ISAC.