kyelectric,
The _general rule_ for neutrals is that the ampacity of the neutral shall not be less than the _maximum net computed load current between the neutral and _all_ ungrounded conductors connected to any one phase of the circuit.
As applied to 'multi-wire branch circuits', you simply have one, and _only_ one hot conductor per supply leg, and one neutral of the same ampacity as the hots, and call it good. In a multi-wire branch circuit, the maximum current on the neutral is equal to the maximum current on any _single_ hot conductor. This means that in a single phase system, you can run 12/3, put black on one 20A circuit, red on another 20A circuit _on the other supply bus_, giving a _maximum_ of 20A on the neutral.
Note that you are _required_ to supply the hots from different supply legs. Use the exact same cables, and the exact same circuit breakers, but put both breakers on the same supply leg, and now you can see as much as 40A on the neutral.
Further discussion, sort of a summary of the above:
A 'common neutral' circuit is one in which you have any number of ungrounded conductors sharing a single grounded conductor.
A multi-wire branch circuit is a specific case of a common neutral circuit. In a multi-wire branch circuit, you may only have _one_ ungrounded conductor per supply leg; in a single phase system a multi-wire branch circuit would have two ungrounded conductors from opposite supply legs; in a three phase system you could have either two or three ungrounded conductors from two or three of the phases.
Common neutral circuits are mentioned explicitly in article 225 for outside circuits. Multi-wire branch circuits are mentioned explicitly in article 210 for branch circuits. Multi-wire branch circuits are in common use; the more general 'common neutral' circuit is virtually unheard of, and arguably are _not_ code compliant for inside wiring. (There is also a strong argument that they are permitted since they are not prohibited.)
iwire: I think that I see a situation where using a common neutral circuit might make sense: getting around 240.4(D) and using the full thermal ampacity of small conductors. Consider a 120/240V single phase system. Say I have two fixed loads totalling 24A (say a dishwasher and a microwave). I claim that I could supply these loads and a 20A receptacle circuit using 12/4. The two fixed loads would each be placed on 20A breakers on supply leg A, using the red and blue conductors. The receptacle would be on a 20A breaker on supply leg B using the black conductor. The neutral would be the white conductor. The maximum unbalanced current on the neutral would be 24A, all conductors would be protected by 20A breakers. If the fixed loads were 12A each, then you could do this with a bundled 14/2 and 12/2 and 15A breakers...if you want to get _reallllllllly_ ugly yet remain code compliant
-Jon