Oh no

I get half of my peer mentors on my head for this (and the other half isn't interested

)
As I pointed out already several times, this "branching" in MWI is often misunderstood. Branches are not objective properties of a wavefunction. MWI only makes one hard formal statement: that is that "objective reality" is described by a unitary structure (to be sliced in a specific reference frame into a wavefunction and a following a timelike evolution described by a unitary operator which is the "time evolution operator"). Of course, one can switch reference frame, then the wavefunction and the unitary operator changes, under a representation of the Lorentz group. But we stil have the same unitary structure. So much for reference frame independence.
I'll now assume we work in a specific reference frame, when talking about the "wavefunction".
In fact, the above is the unitary part of standard "Copenhagen-style" quantum theory. But the projection postulate is left out.
But what has this to do with observation ?
How does a completely formal framework "generate" observations ?
How is this happening in Newtonian theory, say ?
Well, Newtonian mechanics can be described by a flow in phase space. A point in phase space then corresponds to a state (of the entire entity observer + system if you want) and the dynamics is given by a hamiltonian flow over phase space.
Now, there's something special in this Newtonian phase space description, which is that the phase space can be written as the product of a system phase space and an observer phase space, and that a point in the overall phase space corresponds to a pair of points in the two subspaces. It is hence possible to have "a state of the system" and "a state of the observer". We now define "observations" as being different states of the observer, and as, to a single overall state, there only corresponds one state of the observer, once the overall state is given, and once we say what is an observer (as a subspace of the overall phase space) we can associate with each observer state "a definite observation result".
In other words, if we have the Moon-Joe system, and Joe looks at the moon, then the Moon-Joe system will be, through this interaction, in a specific state, which can be split in "a state of the Moon" and "a state of Joe". The state of Joe will contain the specific observation of Joe of the moon. As there is a 1-1 link between the point in the system subspace, and the observer subspace, we usually do not take into account the observer subspace, and we limit ourselves to the phase space of the moon, assuming that Joe's observations will reveal that point.
But you see that there is nevertheless a needed assumption, which is very tiny and straightforward in this case.
One should now, to be complete, associate a "state of consciousness" to each point of the phase space of Joe's body. Well, some points will correspond to "Joe is dead", but some points will correspond to certain conscious experiences by Joe. In this case, there is also a 1-1 relationship between the phase space description of Joe's body, and any conscious experience by Joe.
We could say that we are in a "naive realism" case, where body = conscious experience = observations = reality, because all these different things are in a 1-1 relationship, given a single point in phase space.
Nevertheless, nothing stops us, in Newtonian physics, from considering the INDEPENDENT evolution of SEVERAL points in the phase space. As the Hamiltonian flow is independent of this, we could have "parallel worlds" evolve in one and the same phase space, simply by having several points moving in the same overall phase space, following the same overall dynamics. But, the flows of individual points being independent, there's no way for "one world" to "be aware" of any of the other points. Nevertheless, in Joe's body subspace, we would now have several points evolving, and hence different "parallel conscious experiences" associated to the same body phase space. They'd not know about one another.
In fact, this is not so crazy, and this is an old discussion about whether "alternative possibilities are real". We could even have a DISTRIBUTION of 'worlds' in phase space, which evolves according to the Liouville equation, and which would describe the "density of worlds" evolving in classical phase space.
Nevertheless, the observation is that this has absolutely no observational effect, so these parallel worlds in classical phase space have no influence. That doesn't mean that they aren't there, but they have no purpose. So it remains, in this case, a totally hypothetical concept.
It is nevertheless, a fun exercise in "parallel world thinking": how do we know that our "world" is the only point evolving in classical phase space ?
Once there are these "several points" or this "density of world points", the question is: what does Joe experience ? Which Joe ? If you are "Joe" you are not "Joe's body" but ONE of the points in the phase space of Joe. So there is an association of your subjective, conscious experience, and ONE of the different points in phase space now.
This wasn't an issue when there was only one point. Now, it is. You could say that the one you will experience is "drawn" from the statistical ensemble of points.
MWI quantum theory is faced with a similar situation. We now have our unitary structure. In fact, we could even have several unitary structures, one for each different initial state ! But let's not complicate issues for the moment.
As we saw, even in Newtonian physics, we have to specify the "degrees of freedom of an observer". So in MWI too. This corresponds in picking out the degrees of freedom of Joe's body (as in Newtonian physics).
In QM, this corresponds to a sub-Hilbert space: H_Joe-body
In fact, the overall hilbert space can be written as H_Joe-body (x) H_rest
We now look at H_Joe-body. This hilbert space is spanned by all the different possible microstates of Joe's body. We can "coarse-grain" it, to lump it into subspaces which correspond to different conscious experiences of Joe.
To each of these different states corresponds more or less a lump of points in the classical phase space of Joe's body.
And now we apply a Schmidt-decomposition of the overall state (wavefunction) according to the split H_Joe-body (x) H_rest, but relump terms in the coarse-grained H_Joe-body space.
It turns out that the Schmidt decomposition so effectuated, under the unitary time evolution, usually does not mix the different terms (unless specific quantum experiments are performed).
Now, to each of these terms corresponds also a point (or lump of points) in the classical phase space of Joe, and the time evolution mostly corresponds to the Hamiltonian flow in the classical phase space. So we can say that a branch, or term of such a decomposition is equivalent to considering a "point" in the classical Joe phase space. We could even think of a kind of "distribution" of phase space points, with "weights" given by the Hilbert norm of the term corresponding to the (lump of) points. In other words, the Hilbert norm of each term in the wavefunction decomposition corresponds to the weight in a distribution of classical phase space points in Joe's body phase space.
We seem to be in the "multi - point" situation of classical physics. Each of these points is a "branch" from the point of Joe.However, sometimes, the quantum evolution gives rise to interactions which "split" one phase space point into several (branching). This corresponds, in the classical case, in a lump of weight A to be split in lumps of weight A1 and A2 (so that A = A1 + A2).
This comes about when the quantum evolution does not give rise to a strict hamiltonian flow on classical phase space ; in other words, when Joe observes a typical quantum phenomenon. It also occurs, as a "smearing out" of the "distribution of Joe points" over the phase space, as in classical chaotical Hamiltonian flow: the initial lumps smear out and split.
So, from this PoV, MWI looks a lot like "multiple-point, or better: phase space density" evolution in classical phase space, and "consciousness" or subjective awareness, comes in because you have to PICK one of the Joe-points to be a "particular" Joe. This picking is stochastic, and has to occur according to the density of "Joe points" in the phase space (in other words, proportional to the Hilbert norm --> this is nothing else but the Born rule). The specific point chosen will then give you the corresponding "experience" that goes with it, the "observations" or "memory state" etc...
There is still one difference with the "classical phase space density" in strict classical physics. The Hamiltonian flow in classical physics gives one and exactly one trajectory to a point in phase space. So once a specific point is "you", one can assume that "you" later will be associated with the same point. Things get more subtle in chaotic classical dynamics: a single point still has one and only one trajectory, but a LUMP of points might spread out. Is your conscious experience associated with one point, or with a lump ? What happens when the lump spreads out ? Do you "branch" into several possible states ?
In the quantum case, the Hamiltonian flow is only approximative. Quantum spits happen. So in this case, a "single" observer will see his "blob in phase space" split, and hence will be drawn statistically to go with one or the other. This is the irreducible statistical character we seem to observe in quantum theory and which is not present in deterministic classical dynamics of phase space points.
But it only comes about because of our mapping from the (deterministic) quantum state onto SEVERAL blobs of points on the classical phase space of the observer body, and our association of a conscious experience with these classical phase space points.
The identification between body (= phase space of body) and an experience was only possible when there was one single point in phase space. When there are several points, there is a distinction between an experience (associated to a point) and the body (= a phase space).
So, experiences, or "branches" or "worlds" correspond to POINTS in phase space, or states. If there are many points, well then there are many "worlds".
But note that to consider this, and to even consider "branches" and "worlds", it was necessary to SAY what was an observer (to pick the body degrees of freedom).
So these concepts are observer dependent.
Objectively, there's only the overall unitary structure.
As, in classical physics, objectively, there's only the overall phase space + Hamiltonian flow + point in phase space, or:
overall phase space, + density + Liouville evolution of the density.