I think that's a type of coraline algae. I've never seen spread like that though. I think it is attractive, as long as it doesn't get out of control. It is calciferous, so it doesn't grow very quickly.
I have never seen that get out of hand. I'm willling to bet that you don't need to worry. Remove whatever you need to by hand, but I bet it doesn't go wild like hair algae or anything.
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400 gal reef. Established April, 2007. 3 Sequence Dart, RM12-4 skimmer, 2 x OM4Ways, Yellow Tang, Maroon Clown (pair), Blonde Naso Tang, Vlamingi Tang, Foxface Rabbit, Unicorn Tang, 2 Pakistani Butterflies and a few coral gobies
My Tank: http://www.canreef.com/vbulletin/showthread.php?t=28436
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