The spelling of the word "ILVST" may appear confusing at first glance, but it is actually a clever play on words. The correct pronunciation of this word is "I love bacon the most," with each letter representing a sound. The IPA phonetic transcription of "ILVST" would be /aɪ lʌv beɪkən ðə moʊst/. This play on letters is a fun way to express one's love for bacon in a unique and memorable way.