SOLVED (i think, well at least for me)
I think it's related to zoom (an accessibility feature in settings)
Here's my story in brief: I turned on zoom in settings a couple of months ago, and never used the feature since. I let a friend use my phone briefly (she's a non-Apple owner), and I think she must have inadvertently used the three finger zooming technique required by the accessibility zooming feature. I think she barely zoomed my phone in by couple of pixels, barely enough to notice. The flickering started right after I got it back from her.
Turning off zoom has fixed all the problems so far.
Here's a bit more detail:
My phone started acting very strangely a few days ago in ways that are similar to those described in this thread, plus something else:
1) flickering rapidly, maybe 5-10 times a second.
2) going blank completely, but still functioning normally.
3) bizarre corruption of the content on screen, including randomly sometimes appearing MASSIVELY zoomed in
4) strange blocks of color appearing randomly and briefly
5) one time, it would be blank, but then flicker rapidly when a swiping action was occurring
6) phone requires reboot to be useable again
7) AND this strange behavior: the home screen would appear ever so slightly ZOOMED IN, compared to my wife's identical phone. When changing apps, the screen would appear to shrink back to proper size, do it's cool switching animation, bring up the new app, and then zoom in ever so slightly. To be really specific, if you look at the iPhone 4 home screen, you can see that tiny 1mm or so white horizontal bar at the very bottom. Well, on my phone it would only appear maybe 0.1mm tall, because the screen had zoomed in by a few pixels. Same at the top, all the icons seemed closer to the edge of the screen.
My Solution: turn off zoom in accessability:
Settings-general-accessibility-zoom: OFF
It's fixed the zoom problem I had, and no flickering has occurred since. I'll keep an eye in things over the next few days and report back here.
I installed no new apps in the few days leading up to the sudden onset of my flickering.
I THINK IT'S FIXED!!