ok...thought this was pretty interesting so I decided to research it a bit. The closest thing I've seen to this has been the 'bubble' that can be seen on Frogspawn when they are reproducing.
Sure enough..it seems this is the same reason..
Rhodactis spp. reproduce by fission, pedal laceration, and a type of budding that involves the formation of gemmules both internally and on the surface of the oral disc
Your polka dotted bubble looks to be a gemmule..as opposed to what a polka dotted chicken might leave behind..if you happened to have one in ...your...reef...t a n k :sigh:
Thank you for the information Kathy! they reproduce like crazy in my tank. I have never seen this budding take place, but it looked cool and is gone already.
Shad, very cool. Too bad you didn't get to see it release all it's spores. I wouldn't be surprised if you wake up one day and have thousands of those rhodactis shrooms covering every surface of your tank :banghead: