To make a long story short, I highly recommend this treatment for red bubble algae. It seems to be even more effective on the red than the green. It slowly devastated it. I didn't have nearly as much green bubble algae as the red ones, but the only ones I can find in my tank are a few half dead looking green ones that were far away from the lights or in shadow.
Desirable algae:
It took a while, but the chaetomorpha in my refugium did start to bleach out and die, though only the part closest to the light. Light really does impact how effectively the Reef Flux attacks algae. All shaded algae took longer to die off that brighter lit algae.
I don't have much, but the little bit of caulerpa prolifera I have in my refugium had the same reaction as the chaeto. The parts under the most light suffered while the shaded parts endured the treatment.
Corals:
The soft corals, trumpets and frogspawn in my mixed reef suffered. Some zoas looked stressed for most of the treatment while others reproduced and looked well the whole time. The mushrooms reproduced and looked healthy the whole time, but the ricordeas shrunk down and didn't look as happy. The Kenya tree retracted a lot as the weeks went on and is still shriveled up. The toadstool leathers usually didn't open until the lights were on for hours and rarely looked fully extended. Same with the green star polyps, though they continued to spread quite a bit. The lone two SPS corals in the tank, a montipora and a setosa, never missed a beat. No corals died during the treatment, but I won't rule anything out until everything looks fully recovered for at least a couple of months.
Now, it's hard to say whether the Reef Flux caused all of the stress for the corals. The lack of skimming, chemical filtration and water changes over the seven weeks likely caused some added stress. The medicine likely caused most of it as the treatment went on.
Pictures:
I'm terrible at taking pictures but I have a couple that came out okay. They're phone pictures and I only managed to use a decent color film filter for the last one. The first picture uses no color film, the second picture uses an orange film, and the last uses a very light orange film that helps it look closer to the actual look of the tank, only with less blue.
Here is what the Reef Flux fluconazole treatment did to the red bubble algae that was plaguing my tank for so long. It was a total knock out. Bit by bit the bubble algae became pale, developed holes, and eventually dissolved away.