We study the shape dynamics of a two-component fluid membrane, using a
dynamical triangulation Monte Carlo simulation and a Langevin descrip
tion. Phase separation induces morphology changes depending on the lat
eral mobility of the lipids. When the mobility is large, the familiar
labyrinthine spinodal pattern is linearly unstable to undulation fluct
uations and breaks up into buds, which move towards each other and mer
ge. For low mobilities, the membrane responds elastically at short tim
es, preferring to buckle locally, resulting in a crinkled surface.