It would look a lot better using proper identation...

    <div>
      {flag && flag2 && !flag3
        ? flag4
        ? <p>Blah</p>
        : flag5
        ? <p>Meh</p>
        : <p>Herp</p>
        : <p>Derp</p>
      }
    </div>

Should be:

    <div>
      { flag && flag2 && !flag3
        ? flag4
            ? <p>Blah</p>
            : flag5
                ? <p>Meh</p>
                : <p>Herp</p>
        : <p>Derp</p>
      }
    </div>