Yep, we usually call them "giant" nudibranchs because they get so big, but "rainbow" is another common name. As someone said,
Dendronotus iris is the official name. The first picture shows him/her with a nice egg ribbon. You find them along the breakwater sand flats where those big fields of tube-dwelling anemones are, because that's what they eat. If you happen to come upon one getting ready to feast, it's unforgettable. The nudi climbs up the side of the tube, rears back, then plunges head-first into the anemone's tentacles, and of course the anemone pulls in and sucks the nudibranch with it, thinking "Ha! Food!" Then the nudibranch's radula starts going, and now the anemone is thinking, "Oh, crap! I
am food!" But by then there's no way to get loose, and the anemone is done for.
One reason they're called rainbow nudibranchs is because they come in lots of different colors, as well. We've seen them deep red like yours, nearly-pure white, and all manner of in-between. They're also called giant nudibranchs because they can get upwards of 12" long.
Regards,
The Too-Much-Information Department