What does quantum mean exactly?
A discrete amount of something.
What is a 'quantum leap'?
A radical change in thinking. Usually scientific/technological.
And this urban myth going around about quantum matter changing upon observation (as though it knows it is being observed and therefore plays little tricks on the observer), what is this really about?
The uncertainty principle, which is a conclusion of QM. Basically, it states that (a) position and momentum, or time and energy, are not entirely separate concepts. and (b) there is no absolute value for each of them and (c) The degree of uncertainty is governed by Uncertainty in P * Uncerrtainty in Q > half h-bar. Note: This uncertainty is not just an error in measurement, but a statement of the actual nature of stuff.
Based on this, we get the idea that every thing is expressed as a wave equation of probability, which
collapses down to a specific particle on observation. Until it is observed, the nature of the entity is indeterminate. Hence the schrodinger's cat paradox, when we expand this concept to larger size objects, and conclude the cat is neither exactly dead nor alive, until we observe it and collapse it's wave function.
Several solutions exist. One is that the particles don't really do that, but
Hidden Variables give it the impression of doing so. Numerous experiments (like the Aspect experiment) have disproven the so-called EPR paradox. Another is that our consciousness somehow is significant, and collapses the waveform. The Universe is
Participatory. This produces some philosophical nastiness as to whether the cat is conscious, and whether we are necessary etc etc. Another is that
Many Worlds exist so all the possibilities are simultaneously real. This however has little evidence. There may almost certainly be others.
A demonstration of the problem is easy to arrange - get 3 polarised filters. They, as you may recall, allow light through in only one alignment. If you put two of the filters aligned at right angles to each other, as predicted, no light goes through. The only light that gets through the first is cut out by the second filter. But if you put another filter in between the two aligned at 45 degrees to each, some light does in fact penetrate! This is completely contrary to classical theory. The quantum explanation is that some how, the act of passing through the filters introduced uncertainty to the light, giving it a probability of penetrating the other filter.
EDIT: Fixed HEP formula. Thanks Jcsd