yes, it does look like lymphocystis. But please google "lymphocystis in fish" and see some additional photos and read the info, so you can make thhat determination. But it does have the classic signs of this disease.

One site I went to, said angels and butterflys are susceptible, in particular.
But apparently aside from it being unsightly, there's no immediate health risk to the fish, and there is a chance that it will clear on it's own, and the fish will recover from it. if it is lymphocystis, it is viral, and there is no treatment. The advice though is to isolate the fish to stop the spread throughout the tank, and observe to see if it improves on it's own.
here's a couple websites with some additional info for you.
http://saltaquarium.about.com/od/sal...mphocystis.htm http://www.aquaworldaquarium.com/Art...stis_Virus.htm http://www.jbl.de/onlinehospitaluk/p...=2&GalleryId=2
scroll down to lymphocystis to see photos and click to get info.
Sorry if your fish may have this. Please keep us updated.
edited to include this other link, by Dr. Adrian Lawler
http://www.aquarticles.com/articles/...phocystis.html
this may be helpful, as it explains the course of the virus, and what to look out for as far as any secondary infections afterwards.