Yup it's a spiral of bubbles with more outside=fmod hijinx.

Go to http://maxitersfractalfollies.blogspot.com for the finished product.

Top secret info follows.

fract056.gif       { ; fmod bubble spiral
                     ; blank
                     ; calctime   0:10:53.88
                     ; created Apr 22, 2010
                     ;  Fractint Version 2004 Patchlevel 9
  reset=2004 type=formula formulafile=_k.frm formulaname=kfact2_jul
  function=flip
  center-mag=+0.45156445556946170/-0.13973288814691200/266.6667
  params=-0.3343913083285012/-0.2642597735526597/0.1786858729819636/-0.845\
  3321939756462 float=y maxiter=1500 inside=0 proximity=0.1
  outside=fmod
  colors=wwwvvvvvvvvvvvvvvvvvvvvvvvvvvvuuuuuuuuuuuuuuuuuuuuutttttttttttttt\
  tttttttssssssssssssssssssrrrrrrrrrrrrrrrqqqqqqqqqqqqqqqqqqpppppppppppppp\
  pooooooooooooooonnnnnnnnnnnnnnnmmmmmmmmmmmmmmmlllllllllllllllkkkkkkkkkkk\
  kkkkjjjjjjjjjjjjiiiiiiiiiiiiiiihhhhhhhhhhhhgggggggggggggggffffffffffffee\
  eeeeeeeeeedddddddddddddddccccccccccccbbbbbbbbbbbbaaaaaaaaaaaa```````````\
  `_______________ZZZZZZZZZZZZYYYYYYYYYYYYXXXXXXXXXXXXWWWWWWWWWWWWVVVVVVVV\
  VUUUUUUUUUUUUTTTTTTTTTTTTSSSSSSSSSSSSRRRRRRRRRRRRQQQQQQQQQQQQPPPPPPPPPPP\
  POOOOOOOOONNNNNNNNNNNNMMMMMMMMMMMMLLLLLLLLLKKKKKKKKKKKKJJJJJJJJJJJJIIIII\
  IIIIHHHHHHHHHHHHGGGGGGGGGGGGFFFFFFFFFEEEEEEEEEEEEDDDDDDDDDCCCCCCCCCCCCBB\
  BBBBBBBBBBAAAAAAAAA99999999999988888888877777777777766666666655555555544\
  4444444444333333333222222222222111111111000000000000000
  }

frm:kfact2_jul {; formula file for patchwork
  z=pixel, c=p1, kfac=real(p2), dt=imag(p2)*pi, t=0, k=kfac:
  r=cos(t), kr=k*r, z=fn1(z*kr)/kr 
  z=sqr(z)+c, t=t+dt, k=k*kfac
  |z| < 4
  ;SOURCE: 97msg.frm
}