Doesn’t this indicate that a particle is not in fact in two places at once?
Correct and that is what QM says the waveform exists in both places but not the particle (the observed state). This is sort of falsifying interpretations of QM that somehow make the actual particle in both places at the same time. Remember there are arguments with people who want the classical world restored as well as other interpretations of QM, it isn't a single sided argument.
“…the team split a single photon in half…..”
If a photon is a quantum of energy; what is half a photon? How can you have half a quantum?
You are correct the process must conserve energy ... UV in 2xIR photons out

The fact the 2 photons are entangled and still heavily connected is why they are called "split". If you don't like the terminology replace it with 2 connected photons it makes no real difference, the terminology does not change the result.
Does this help:
http://www.learner.org/courses/physics/visual/animation.html?shortname=entangled_energyThe old normal way to do the process was spontaneous parametric down-conversion (
http://en.wikipedia.org/wiki/Spontaneous_parametric_down-conversion).
In the experiment above they use a fock state setup (
http://en.wikipedia.org/wiki/Fock_state) which produces a split photon pair probably using SPDC with a heralded photon.
You can get these things on a semiconductor chip now
https://uwaterloo.ca/research/waterloo-c...tum-informationBonus question: Do you think it would be possible to combine two photons in sort of the reverse process.
Hint: You have discussed this relative to an article on Rydberg blockade but may not have recognized what it was doing.
For the record both process where predictions of Quantum Field theory with conventional assumptions and why science went looking for it.
No QM was harmed in the making of this experiment
