Caulerpa's are a fast growing species of Macroalgae. If your purpose of owning the caulerpa is for nutrient export, then it is a good choice in my opinion. I use it along with some other macroalgae species.
However, there are some issues with it that most people don't know about and I think it is important that you know all of the info so you can make up your own mind.
Caulerpa actually contains a toxin called caulerpenyne. That is the reason most of your fish won't eat it. If caulerpa dies or goes sexual in your tank some of these toxins will be released into the water column. If you had a huge refugium filled with it and it all died at once, it could kill your fish and inverts. There have been many studies on the impact of this toxin but not as it relates to reef tanks.
You NEVER want a caulerpa to die or go sexual in your tank for another reason---all of the phosphates and nitrates that were previously bound up in the caulerpa get added all at once to your water column----Yikes!!! After running your protein skimmer for a week, would you want to pour that skimmate into your tank? Obviously not. Having caulerpa die on you is basically the same thing.
If you use scissors to cut caulerpa, it will release a little of this toxin plus gelbstoff (basically a yellowing agent into the water). Luckily a activated carbon is excellent at removing the gelbstoff. The question is, does the activated carbon also remove the caulerpenyne??? Most people recommend a pinching action to reduce the amount of the the toxin and gelbstoff. I.e. Pinch and hold the pinch for a couple of seconds.
Obviously, the key to using this macro is keeping it alive.
Every living thing needs food. Caulerpa occassionally can die if there is no food for it. What is food for it? Proper lighting for photosynthesis is food. So are nitrates, phosphates and iron. If you throw some caulerpa in a sparkling clean tank with no nitrates nor phosphates, you better have pretty good lighting or you better have a very long photoperiod.
You can buy a product from Kent Marine if you think you should dose iron. Here is some info on Iron
http://www.advancedaquarist.com/issues/aug2002/chem.htm
Trimming more often so that all of the caulerpa is getting light is important. I also believe that the fact that the more of it you have, the older it is and there is a greater likelihood of it going sexual and there is more competition.