In a couple not so scientific tests, I have come to believe that letting the tree begin leafing out (good sap flow) first, and then nipping the growing tip encourages more branching. My theory is that with the sap flowing, more bud are likely to respond to the loss of the terminal bud. In contrast, in many cases, when the terminal but is removed when dormant, the next lower bud becomes dominant and is the only bud to break dormancy, much like the actual terminal bud, and the result is less branching.