Thank you for the details of the issue you are experiencing with viewing Safari after upgrading to OS X Lion. I recommend resetting Safari for an issue like this.
You can reset Safari by going to Safari > Reset Safari and then selecting the option to "Remove all website data." This will clear your Safari History and Top Sites, so I recommend bookmarking the sites you would like to save before resetting Safari. You can find more information at the following link (the title of this article says Mountain Lion, but the steps are the same for Lion):
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Thanks, Sheila, but I, too am experiencing an identical blinking or flashing issue: I run Safari 6.1 with Mac OS X 10.7.5 on a late 2007 Macbook.
More clues: This issue is especially noticeable when on image-heavy websites -- Amazon, Google Images, for example.
Because I perform a lot of research and image editing in connection with my work, I tend to be a touch OCD about "tidying up" -- three to four times per day, I reset Safari, empty the cache (developer menu), and "remove all website data" (Safari > Preferences > Privacy).
Because the blinking/flashing is so acute at image-rich websites, I can't help but wonder if this issue is related somehow to the one described at https://discussions.apple.com/message/23699951#23699951.
Is the new Safari allergic to images, graphics, and photos?
Hi - I'm also getting the same issue on the same combination of Safari 6.1 (7537.71) and Mac OS X 10.7.5.
At first it wouldn't populate the screen with the website (Yahoo or any other site) and now it just has a black screen with bits all the way through it from different sites.
I've tried the reset Safari, which means I can get 1 website to load, but when I click on any of it's links I just get a grey screen.
I've started to use Firefox now as since I upgraded Safari it's not been reliable at all.
Mac OS X 10.7.5 with Safari 6.1 ... I'm not even able to reset, since the browser crashes as soon as it starts.
Please send feedback to Apple. The more the feedbacks sent, the sooner the problem will be solved.