My external monitor (VGA) problems were getting more and more frequent at 1680 x 1050. I lowered resolution to 1440 x 900, and the problem disappeared. I have been running that way for several days without glitches. Every time I switched back to the higher resolution, however, the flicker immediately returned.
Today, I installed the "Digital Camera Raw Compatibility Update" (2.3) that was delivered via Software Update. It installed and rebooted, and since then, I have not had any screen problems at 1680 x 1050! Not sure how it could be related, but since installing that update and rebooting, I have had no further screen flash issues! It's been holding steady for a while now. In the past, I would definitely have seen screen outages multiple times in this timeframe.
As always, YMMV.
John