Then there are irrational probabilities :)
Now we observe that after the photon passes through the slit, we can decompose the function as |P(t)> = sqrt(0.94)|Q(t)> + sqrt(0.06)|R(t)> where Q and R are independent, each individually evolving according to the laws of quantum mechanics. This is already derived rather than fundamental, but the phenomenon is real, because the causality relation is real. Our neurons under Q (and of course a "neuron" isn't really fundamental, it's an interpretation of a particular group of particles behaving in a particular way, i.e. of particular aspects of the wavefunction) have no effect on our neurons in R and vice versa.
All that is physically real; the only remaining question is what we should expect to subjectively experience. Since our neurons in Q have no effect on our neurons in R and vice versa, it seems like we'd experience either being in Q or being in R. With what probability? Well, whatever it is it had better be conserved; it makes no sense to say that we'd experience R with 4% probability in 5 minutes and then 8% probability in 10 minutes. If we send another photon through in Q, splitting the wavefunction further into |S(t)> + |T(t)> + |R(t)> where Q = S + T, then our subjective probabilities should be such that the probability we find ourselves in S or T = the probability that we found ourselves in Q before sending the second photon.
What's the probability-like quantity that's conserved by quantum evolution of a system? Why, it's the norm, ||P>|^2. I guess that's what we'd expect to be the subjective probability then.
It uses the (uncollapsed) wave function to have a mass density on physical space. There are many realities, if you like, implied, but they all move about in a self-consistent way. The analogy is that it is as if two tv channels were overlying each other. You can follow each separately if you watch the evolution, but at any one time it would look a bit like a mess.
The problem with just having the wavefunction and nothing else is that it is not at all clear what the probabilities would be about. You need something that the theory describes that makes contact with our 3 dimensional experience.
The interpretation I subscribe to is that measurement is a situation of entanglement. In the electron slit experiment, when you observe the electron traveling through lets say the right slit, subsequent behavior of the electron and the "memory" in the person will be correlated.
I don't know how memory and the brain really work here. I think that is the real question - the mechanics of the brain and an observation.
Regarding Occam's razor, to me this seems like a much simpler explanation of observation than having the wavefunction of the entire universe collapsing when a random human is in the loop.