I kind of feel like saying "leave it as the array".
Since you have three variables, it shows you expect up to three values. Which of these looks easier?
Code:
Dim tokens() As String = input.Split("#")
word1 = input(0)
word2 = input(1)
If tokens.Length = 3 Then
word3 = input(2)
End If
--------
Console.WriteLine("I got the words:")
Console.WriteLine(word1)
Console.WriteLine(word2)
If word2 IsNot Nothing Then
Console.WriteLine(word3)
End If
Code:
Dim tokens() As String = input.Split("#")
-------
Console.WriteLine("I got the words:")
For Each word As String In tokens
Console.WriteLine(word)
Next
There are perhaps philosophical reasons to have individual variables, but knowing the larger problem can lead to a more elegant solution than array decomposition.