This is a belated reply from this week's meeting, for those who have a white-based, fuzzy-green-tipped thing sticking out of their rocks.
From
Robert Fenner and
Anthony Calfo's Reef Invertebrates:
Neomeris annulata, Caterpillar Weed, Fuzzy Tip Alga, Spindleweed
Aquarists most often discover this innocuous, calcereous green alga as an incidental organism imported with live rock. It is more likely to be found on rocky substrates than are other "plant-like" calcerous algae. They are not inclined to spread prolifically in the aquarium but can be maintained with stable water quality. Although unique and attractive to most aquarists, this alga is not actively cultivated and serves little purpose beyond ornamentation. They are quite adaptable to a wide range of light including modest levels. Neomeris can be found toward 100 feet at depth, in low light or shade, and often away from the reef.