Acer Aspire One D270 (Intel Atom N2600, Intel NM10 Express, Intel GMA 3600). Xubuntu 12.04 (also reproduced on Ubuntu 12.04). Fresh install with latest updates.
Problem appears when moving mouse pointer with left mouse button down. For example, when moving window by dragging its caption. Or when performing rectangular selection on Desktop. Or when dragging the scrollbar handle.
When mouse pointer moving that way it flicker (blink) on every move. When I stop moving it (still holding left mouse button down) it disappears and appears again when I continue moving.
Interesting, that issue doesn't reproduces directly after the boot. No flickering when dragging windows, for example.
However, after some program changes mouse cursor shape to animated "rotating progress indicator" (something like this http://cur.cursors-4u.net/cursors/images6/cur593.gif) the curso begins to blink until next reboot. Such program can be Update Manager or Ubuntu Software Center - they both switch mouse pointer shape to animated "in progress" indicator.
May be there is a known solution for that issue (failed to google something that works)?
Update
I think its a bug, so here it is: https://bugs.launchpad.net/ubuntu/+source/xserver-xorg-video-psb/+bug/1034470
