We revisit von Neumann's theory of infinite tensor products of Hilbert spaces. On the set Γ of equivalence classes of C0-sequences, which labels the incomplete tensor products inside the complete tensor product, we introduce a natural pseudo-ultrametric d: the distance between two classes is the convergence exponent of the series ∑j∣⟨φj,ψj⟩−1∣ formed from any pair of representatives. We show that d is well defined on equivalence classes, satisfies the strong triangle inequality, and is complete. Distinct classes may lie at distance zero, so d separates points only after passing to the quotient Γ of Γ by the relation d=0; the pair (Γ,d) is then a complete ultrametric space. As an application, we show that a product unitary ⨂jU whose factor U satisfies inf∥x∥=1∣⟨x,Ux⟩−1∣>0 (in particular, a unitary on a finite dimensional space with 1∈/σ(U)) displaces every class to the maximal distance 1. Guided by the intended application -- a caricature of Everettian branching, in which the sectors of the infinite tensor product play the role of worlds -- we also develop a gauge-invariant variant d~ of the metric, based on von Neumann's weak equivalence and matched to the quasi-equivalence of product states on the quasi-local algebra. The displacement of a class under a product unitary, measured by d~, is class dependent and realizes every value in [0,1]. We interpret d~ as a decoherence exponent: it measures the polynomial rate at which two branches of the universal state vector become operationally distinct as ever larger portions of the environment are monitored.