Take a look at this figure from a 2008 issue of Nature. Do you see the problems?
If not, read David Morrison's guest post on Scientipoia: Ambiguity on Phylogenies. He patiently explains all the common misconceptions about phylogenetic trees and references all the important articles in the scientific and pedagogical literature. Once you read his article you will never look at trees the same way again.
You will also be astonished at how bad the scientific literature has become when it comes to explaining phylogenies based on these trees. You would think that evolutionary biologists would have long ago stopped thinking about directions in evolution but it's surprising how often the great chain of being creeps into modern scientific papers.
[Hat Tip: Mike the Mad Biologist]