I've seen some pics of some pretty bad Cyano outbreaks, in most cases it seems that folks just let it run it's course. It's kind of one of those things that goes with "new tank syndrome".
I'll be interested to hear what other folks think. I know there's a product called "Red Slime" that gets rid of it right away, but I generally like the idea of not adding weird chemicals to a tank if at all possible.