A new(ish) paper in National Science Review evaluates the evidence for various interpretations of Ediacaran microfossils from the Weng’an biota in South China (Xiao et al. 2014. The Weng’an biota and the Ediacaran radiation of multicellular eukaryotes. Natl. Sci. Rev., 1:498–520.). I recommend checking it out; it’s open access, and there’s a lot of interesting stuff in there that I’m not going to address.
These fossils are undoubtedly multicellular, probably eukaryotic, and extremely enigmatic. Their age (582-600 million years) means they could have important implications for the evolution of multicellularity, and their exceptional preservation in great numbers creates the potential for reconstructing their life cycles in great detail. Some of the Weng’an fossils have been interpreted as volvocine algae, an interpretation that I find highly unlikely.
Some of the Weng’an fossils are thought to represent red algae, and this would not be terribly surprising, since red algae have been around for at least 1.2 billion years. Others, for example the tubular fossils, are more problematic, with interpretations as diverse as cyanobacteria, eukaryotic algae, crinoids, and cnidarians.