I'm not sure what the substrate of this fungus is, which doesn't at all help with identification. I don't recall much Beech in the wood where I saw this, but the spheres do look like Beech Woodwart (Hypoxylon fragiforme).
Update 7 Jan 2012: Thanks to the contributors below for drawing my attention to the fact that this is a myxomycete and not a fungus, genus Lycogala in the Tubiferaceae.