Freyar deals with this stuff a bit more day-to-day than I do, so he might correct me. However...
The It's Not that Complicated Idea:
If you wife buys you a cake and cuts it into half and puts them in seperate boxes, to you, they are shroedinger's cake. It is either Chocolate, or it is not. If you open one box, whatever answer you get, you know to be true for the other, because "duh" it's the same cake. This idea breaks down if you are able to bang 2 different cakes together, and make them both be chocolate. Though I wouldn't doubt that a good banging would transfer frosting (spin or other trait) from one to the other.
Okay, this is the same as my pragmatic explanation, above. The problem with the example is that cake flavors can't change with time. I said that the data sometimes argues against this, but I can expand a bit on that. And here's a place where things are weird:
Imagine we measure a property of a particle. Spin is the usual example. The spin can be either up, or down. You measure it (at time t=0), and find it to be up. Now, consider taking a second measurement, some time after the first. If you take it very soon after t=0, you are very likely to still find the spin to be up, and there's only a small probability it will have flipped to down. As time goes on, the chance the spin has flipped increases, until at some point, you're back to a coin-flip, 50/50 for finding it up or down.
Now, take two particles (call them A and B). Entangle them (so, you know if you find one of them is spin up, the other will be spin down) at time t=0. At time t=5, you measure the spin of A, and find it to be down. Measure the spin of B at time t=12, say.
If this were actually the "it isn't that complicated" idea, you'd expect to see the spin of B not depend upon when you measured A. Because, honestly, it isn't that complicated. The nature of B was set at time t=0, and B has gone on its merry way alone and undisturbed since. You might figure that the probability of finding B up or down would be as if it had been set at time t=0, and it is now t=12.
What you'll see is the probability of B being up or down is as if it had been observed at t=5, even though nobody looked at it!
In Computer Science, we have the concept that a data structure can have multiple references. In short, it can appear in multiple places within other data structures. What if these quantumly entangled objects are really sharing references to the same object (thus it really is in 2 places at once). I've read a little of the one electron in the whole universe idea. Kind of like that, but different.
This sounds to me to be equivalent to the "quantum non-locality" explanation.