If any of this has already been mentioned, my apologies.
Has anyone read this page yet?
http://getsatisfaction.com/apple/topics/macbookexternal_monitor_locked_in_unusable_flicker_after_monitorsleep
To summarize:
It claims the issue is caused by the macbook going to sleep. Once it wakes up the external monitor begins it's flickering issue. It can be resolved for the time being by unplugging and plugging back in the external monitor to the macbook.
Also, they claim a shortcut of CTRL
SHIFTEJECT can be used to reset the monitor and thus avoid the unplug/plug action.
It can also be avoided entirely (supposedly) by disabling sleep for the display as someone may have already mentioned in this topic.