I bought one of these before but could not keep it alive for more than 3 months. It was a bright fire engine red one. You don't see them around too much. I got a bit of polyp (actually gastropores) extension on it and it looks like fine white hairs. I don't think they are polyps in the sense of gorg's as they don't seem to have a capture mechanism and seem to work more from a filter/absorption mechanism. These corals don't have a circulation system for nutrients so you will need to get good coverage for feeding. (Borneman)
Once you get tissue die-off these corals are magnets for algae/cyano.
As for dietary requirements, plankton and nutrient absorption (Borneman). Melev's reef has a small write up on these corals but not much to add in terms of captive care. Low lighting and laminar flow.
I would guess rotifers (live preferably) and smaller foods like oyster feast may approximate their natural diet. Target feed multiple times a day.
Post pics and give us updates on your progress.