I have seen the same thing. Sometimes it grows so fast I'm pulling half out weekly, others it just sits there collecting glop. I could list a dozen or so variables, but, as with anything in a reef aquarium, I have never systematically separated them. I am currently in a major growth phase, but can't tell you if it's because I added some fresh plants from the Gulf, or because I am dosing vinegar as a carbon source, or because I am wearing a tinfoil hat (which must be grounded to be effective, by the way). Lighting, NO3 and PO4 (currently about 5 and undetectable, respectively) seem to be less important, as long as they are within a fairly broad acceptable range.
My opinion is that, because it is growing asexually, it will peter out after a while and needs new blood.