While some truths such as Newtonian physics are very easy to reconcile with my theology, other truths may be more complicated. However, I have come to believe very strongly that "Truth is Truth, whether labeled 'science' or 'religion'" (Ezra Taft Benson). As I have learned more about how the Earth was formed, how life began, and how our bodies work, at times, some of my assumptions have been challenged, and have led me to create new frameworks upon which to build my understanding of the world and the plan of salvation.
Evolution is probably my favorite topic I learned about in all my time. It's easy to pick that, since, as a biology major, I love living things, and as the great biologist Theodosius Dobzhansky famously wrote "Nothing makes sense except in the light of evolution." Just as Newton was able to bind together dozens of observations about the natural world into just a few simple, easy to understand laws that describe massive swaths of how the world works in his laws of motion, Darwin was able to do the same in his evolution by natural selection. Evolution is the basic unifying concept of biology, and understanding how evolution works will give insight into how God moves "in His majesty and power."
The scriptures do tell us why the earth was created, but they offer very little insight into how. Many have sought to understand the physical processes by which the earth was created through the account given in Genesis, and believe it took place over 7 literal 24 hour days, or other such notions. It is my belief that recognizing we have strong evidence that this is not the case should help us understand this story more metaphorically. One of my favorite professors once said "If all you get out of the Creation story in Genesis is that God made the earth in 7 days, you get what you deserve. If all you get out of the Creation story in Genesis is that God did surgery on Adam to grab a rib and make Eve with it, you get what you deserve."
That professor went on to express to us his opinion that when what we learn at church conflicts very directly with the truth we learn scientifically, it's time for us to ask ourselves a few questions. These may include questions like: What assumptions have led to this conflict? Are all these assumptions doctrinally and scientifically sound? What is God trying to tell me with this teaching?
For example, Genesis describes that woman was created from man's rib. President Spencer W Kimball, however, clarified "The story of the rib, of course, is figurative." (March, 1976 "The Blessings and Responsibilities of Womanhood"). We then need to ask ourselves, What would God be trying to teach me from this story? What can I learn about the relationship between husband and wife? About the divine nature of both men and women? About our Savior Jesus Christ?
There is a whole range of theories on the creation among believers and atheists alike. These include creation ex nihilo (or the creation of the Earth out of nothing) in 7 days (the official teaching of many Creationist Christian churches), creationism using existing materials, divinely guided evolution, and atheistic evolution. It should be pointed out that the only two positions that are incompatible with the gospel of the Church of Jesus Christ of Latter-day Saints are the extremes: atheistic evolution (incompatible with a belief in God), and ex nihilo creation (specifically rejected by the prophet Joseph Smith).
So while the Church has no official position on how the earth was created, and the mechanics of creation have no bearing on the doctrine of salvation, I do believe that insights like these help provide more insight into the nature of God, as well as better understanding of the scriptures.