you beat me to it Gumbo. that's my favorite too...but in my tank, it only grows on the rock where my blueberry fields is about to encrust over it. then it turns white and then the sps spreads there. funny too, almost like that pink/neon orange coraline is the first phase or rock cleaner in preparation for the coral growth.
but yeah rob, it's just coraline, you have nothing to worry about. enjoy the nice color.