okay, don't be a buzz kill to pipi's new coral.........pipi, it does look like a hairy mushroom (if not I am sure, but one of the experts will jump in pretty quick to correct us if it isn't...lol) and I have one in my tank as well. It has given me a couple of new corals which I have in my frag tank. I will either trade it, sell if to a LFS or enjoy giving to someone that has never had one before. Since they are larger corals they are easier to remove.
It looks like I see a tiny mushroom right in the middle (in the "v" section of the hairy shroom an above that white protruding thing) so you might want to move it as the hairy mushroom will get bigger (and multiply). Mine is the bigger than my hand. I would post a pic but I am at work.
Until then...enjoy your great new coral!