Fluff, I'll send you mine! I have a feeling I'll have more than enough to decorate my little tank!.. But this stuff doesn't seem to have bubbles, it is growing in sheets. What appears as bubbles in the camera are more like ruffles where the sheet has folded back on itself and become pleated.
The first pic is best at showing this. On the right-hand side you are looking down through several semi-transparent layers of the red stuff. As it matures, it loses transparency.
I saw something like it at the LFS today but his was one continuous flat sheet that was bigger than his outstretched hand... He called it a "leaf" - It could have been the same thing, but I don't know for sure.