I tried taking a picture, but I was too small. Basically it is a tube like creature that is embeded in some zoas. It shoots out a web to catch food. Today I saw is reel in mysis shrimp. It had two tentacles that brought the food in. Its about an 1/8" in diameter.
Some people don't like them as they multiple pretty fast and usually grow either on a rock or the coral skeletons, where they can push out or grow over the coral. A lot of people don't like the spider webs either.
To remove them either break them off the rock or glue over the opening.
If you enjoy watching it then keep it. Some people have had problems with them multiplying. Mine did not. It lasted about 6 months (came on a fraag I bought) and then died. But it was intresting to watch while it lasted.
They're Mostly Harmless. In some cases, dense populations can cause problems with SPS 'cause they make their polyps close up when the mucus strands brush against them, but for the most part, they're harmless, and can help clear your tank of floating crud when you stir it up. Just crush the tube with a fingernail, or scrape it off, if you don't like 'em.