Or just wierd? I chopped the head off a cutting I received a few months back and threw it in some soil and basically forgot about it until the other day. It's put out some strange growth and aerial roots, but no roots into the soil (go figure).

well its hard to tell this small, but it looks like it could be a monstrose. They don't always display those characteristics. It could look like a normal pach and then suddely revert back to the mutation.

If you grow it out it will most likely revert to normal growth.
Its just a feeble-minded cactus, ran into a problem and is frantically trying everything without thinking. I know people like that.
I love the baby flower buds it has

This just looks like an etiolated cactus that's shooting lots of pups and mini-flower buds. Sometimes under stress plants will do weird things like flowering prematurely and over-pupping.