IAC reported its first quarter earnings on Wednesday and it's the usual mix of mental hurdles, GAAP reconciliations and imagining what it could be. The big question: Is IAC really worth your time? IAC, an Internet conglomerate that's Barry Diller's baby, is planning to break itself up into five chunks--a new IAC that will include Ask.com and other Internet properties, a retailing unit (HSN), LendingTree (real estates and loans), Interval (condos and vacations) and Ticketmaster. The conglomerate's results (Techmeme): Net income of $52.8 million, or 18 cents a share, on revenue of $1.6 billion. Sales were up 8 percent from a year ago and earnings were down 8 percent from a year ago. But where things really get interesting is...