First off, since you are asking me, did you get it off of a coral you got from me? I've never seen any in my display area, but I do have some Botryocladia skottsbergii (a.k.a. Red Valonia) in my sump area. It is a
red bubble algae that fish typically love, but it can become an annoyance in some tanks. Some people see it as a good thing because they can use it to feed their fish and others see it as a bad thing. I've seen a fish store over in Rochester trying to sell it once.
Here's a link for you with a pic.
http://reefkeeping.com/issues/2002-0...ture/index.php
I'm sure you'll be able to find more info by doing a search under the two names listed above.