When I took field theory 25 years ago, I learned to do the mathematical manipulations very fluently but had no idea whatsoever what it all meant. Now, with a more mature understanding of quantum mechanics, the following issue confuses me.
My understanding at this point is that QFT is just quantum mechanics with fields as the degrees of freedom. In nonrelativistic QM, we have questions like "where is the particle?," and these are answered by observables like a position operator. In relativistic QM, we ask "what is the electric field at this point in spacetime?," and there is an observable for that. The structure of QM, which is shared by QFT, is that we have a Hilbert space and there's unitary time evolution in which the hamiltonian is the generator of time translations. (Let's say we're using the Schrödinger picture.) Time is a parameter, not an observable.
So if I just go ahead and see how this should work out according to these principles, I would expect that I have a whole bunch of degrees of freedom $\phi_{x,t}$, where $\phi$ is the field and $(x,t)$ are Minkowski coordinates. Let's say I'm using a lattice in a box with $m$ spacetime points. A state in the Hilbert space is a function from $\mathbb{R}^m$ to $\mathbb{C}$ that takes some configuration $(\phi_{x_1,t_1},\phi_{x_2,t_2},\ldots)$ as an input and gives back a complex number as an output. I can then do a unitary operation $\exp(i\lambda H)$ and time-evolve the system from one value of the time coordinate $\lambda$ to another.
So here I have two notions of time that seem completely different. (1) I have the Minkowski coordinate $t$, which is specific to a certain observer's frame of reference, is tied in to the structure of spacetime through the metric $\eta$, and presumably enters into the hamiltonian when we specify how $\phi_{x_i,t_i}$ couples to $\phi_{x_j,t_j}$. (2) I have the quantum-mechanical time parameter, which I've notated $\lambda$. It has nothing to do with any observer's frame of reference, and is not tied in to the structure of spacetime through the metric.
There seems to be nothing wrong with this setup in principle, and it seems to be the canonical thing you get when you combine the principles of special relativity with the principles of quantum mechanics. And yet it has these two different notions of time in it that don't seem to tie together in the way we would normally expect based on how we experience time in experiments. How are these two notions of time reconciled?
Of course we could get into things like EPR, but this seems to me like something much more basic that I would like to understand before I can even coherently state what EPR is about. The story-line for EPR is sort of like, "Oh no, collapse is instantaneous, so doesn't that violate causality?" But we can't even state that as more than a non sequitur until the $\lambda$-vs-$t$ issue is resolved, because "instantaneous" refers to $\lambda$, while "causality" has to do with $t$, which seems unrelated.