I, too, have spent an hour or more combing the web looking for a polychaete that matches yours. The red and white banding is very distinctive and I've googled everything from scientific names to common names and haven't found a match. Don't know if this means your worm is rare---or just camera shy.
For what it's worth here's the notes I've copy and pasted.
Annelids all have segments. Within this phyllum..."Most oligochaetes and polychaetes possess setae (paired, chitinous lateral bristles -- thus the common name, 'bristleworms') on each segment to increase friction with the substratum during movement, allowing the animals to crawl and burrow with greater efficiency." So we know you have "A Bristleworm"---in a very general sense.
I'm no good at this ID stuff...I can't even narrow it down to family. The best I can do is this:
Phyllum: Annelida
Class: Polychaeta
Family...one of the ones on this page
http://www.calacademy.org/research/izg/SFBay2K/Polychaeta_errant.htm It lists the more mobile members of the Polychaeta class. It doesn't have nearly enough photos (only two of Syllids).
Sorry I couldn't do better, but I'm a newbie to reefkeeping---give me a few more years.