I'm witnessing this in my tank right now! I came downstairs this morning and found a cloudy tank and almost freaked out for a minute. I looked around and saw one of the snails releasing "smoke." Then, nearby that one I spotted another one release tiny eggs. Its pretty amazing how much they are capable of releasing. I've been seeing tons of little white things on my glass over the last couple of weeks and was wondering what they were. Now I know! I'm going to do a water change today to make sure it doesn't foul my water.
My corals seem to really like it though, they have their full feeding polyps out going crazy!