For what it's worth, I seem to have resolved the issue on my end. Was having pretty much the same issue all of you were describing. My external LG display via Thunderbolt to HDMI suddenly started flickering like crazy.
After much messing around, here's what worked: changing the display/color profile in system preferences. I opened System Preferences>Displays, then I "Gathered Windows" (button in bottom right) to get my external display's Preferences window on my laptop screen, then clicked COLOR. Then I clicked on a different "Display Profile" than what it was currently set to (was on a custom profile I made, I changed it to the generic "Display."
As soon as I did that, the display was fine. What I'm guessing is that the problem may have lied in a glitchy profile preference file. Another thing I might try not is trashing my custom color profiles and resetting them.
For the record, I'm running a Summer 2012 MacBook Pro (Legacy), Mountain Lion OSX 10.8.4, Belkin Thunderbolt to HDMI Adapater, to HDMI input on an LG Flatron E2742 monitor.
I would describe the problem I was having as heavy static/flickering, multi-colored, similar to old tube TVs that weren't getting a good signal. I could see parts of the image below the static, but the digital snow and flickering were far too crazy for the display to be functional.
Hope this helps someone else out there! 🙂