It's green and shiny and bumpy. It almost looks like overlapping worms or bubbles. It's in two different places (that I can see, anyway), and it's spreading. Anyone know what it is and if it's good news or bad news?
Congrats, it sounds like you have a form of bubble algae. Emerald (Mithrax spp.) supposedly eat it (mine doesn't :x) as well as Desjardini tangs (mine does - sometimes :roll. Other than that you have to remove it manually. It's great stuff.
My tang will nibble them when they are in the condition you describe, but not when they grow into bigger bubbles. I also have a mithrax crab and I've never seen it touch the valonia.
They are amazingly strong and cling to the rocks like crazy - be careful not to dislodge the rock along with the bubble!