On 7/23/06 it has grown to about 4".
I have no idea what it is.
Ellen, the fearless leader of BMC , was the first to recognize it as Fomitopsis spraguei
Next Darvin DeShazer, of Sonoma County Mycological Association, confirmed
it.
Next Bill Neill, of BMC, identified it independently. I would say it is a
baby...
Fomitopsis spraguei
aka
Polyporus spraguei
Tyromyces spraguei
Here is a side view.
I am going back and keep photographing it until it grows up :o)