The screen is not redrawn normally on the Samsung Galaxy S3 device when the 32-bit display buffer is enabled. This causes the flickering effect. 3 things have been seen:
1. Unity logo from the splash screen is left over when the scene is loaded and it fades out slowly in a flickering manner.
2. When the sound level is changed, thick blue stripes appear on the screen. They fade out over time while flickering.
3. The sound overlay that shows the sound level disappears while flickering.

Tested device:
Samsung Galaxy S3 (SGH-i747) with Android 4.1.1

Unity Version:
4.2.0f4 (38efbd14869d)