Reading output into variables

[Yuri D'Elia <wavexx@xxxxxxxxxx>]

Maybe a stupid question, but is there a way to read the output of a
program and split into variables _conveniently_ using the IFS?

To clarify, I would the something as convenient as:

program | read a b

minus the subshell.
Note that I actually did the following:

program | { read a b; hooray }

when I could, so this "solution" doesn't count.
Bonus points if that's something that would also work in bash.