What do the different branch lengths on a phylogeny mean?

What do the different branch lengths on a phylogeny mean?

Answered in the following Video: 

When it comes to how to read a phylogenetic tree, the branch lengths can mean very different things, depending on the phylogeny. 
On a Cladogram, the branch lengths are meaningless and they are only used to the distinguish relationships between the tips. 
On a Time Calibrated Phylogeny, the branch lengths correspond to units of time.
On a Genetic Distance Phylogeny, the branch lengths correspond to the degree of genetic differentiation between tips. 

To know what type of phylogeny you are looking at, refer to the paper methods, figure caption, or axes to see what units they are in. Cladograms and Time Calibrated phylogenies typically have tips which align at the end, while genetic distance phylogenies tips do not align at the end. *NOTE If a phylogeny includes extinction, then the tips will not align on any phylogeny.