Since I heard about the addition of branch coverage tracking for Coverage I've wanted to give it a try. Originally it required a beta release which somehow I never got working.
Once it was in a normal release I somehow forgot about it. There is still no commandline argument to turn it on when using Nose. You can however use the .coveragerc file to enable it.
In .coveragerc simply put
{% highlight bash %} [run] branch = True {% endhighlight %}
And next time you run Nose with coverage you'll have branch coverage too! I was finally reminded about this when coming across the Test Coverage Analysis post by Kai Lautaportti.