I can't see any blinking on a 240+ Hz display, but a DLP-like rainbow effect when moving eyes is pretty obvious.
This test highlights the problem with sample-and-hold displays like LCD and OLED. Movements appear as blurred as on a pulse-based display (CRT or Plasma) with half the frame rate.
That's kind of handy as a simple display/browser sanity test. It's very easy to see little processor hiccups on a busy machine.