I received my iPhone 4s today and right out of the box the screen was flickering real bad. It isn't a normal screen flickering, but it is as if the power button is shorting out. Here is a short video: http://www.youtube.com/watch?v=qGei0M8v6Jw
I was able to activate with AT&T; however, the issue is just unbareable to deal with. After performing two software restores I contacted Apple and they are considering the unit deal on arrival. I haven't read of any other instances of this happening but I thought I'd post here to see if anyone else has seen this.