As seen in this screenshot this flicker is more prominent when you stare directly at a player that has these bugged accessories on, as it doesn't happen with all accessories. (If you need a comparison of a before and after I can upload that too tomorow) I can't tell if it's specifically the Rappy with a carrot on a Stick [A], or just the attachment point, having an issue with the physics of such an accessory, not playing well with head movement. Or perhaps a texture/mesh not being loaded/rendered properly. I just cant tell what the root cause would be. The only reason I have a vague clue as to what's happening here is because I blocked the person here in the screenshot, temporarily, and the issue went away when the accessories were hidden, and came back when I un-blocked said player. And I only have a vague idea, that it might be this specific accessory, due to the fact I managed to get ahold of the person through Xbox Live, in order to try and narrow down the issue.
This bug doesn't mess with the UI at all, only the visuals for the rest of the game. It doesn't cause a loss in performance, only just results in a player being temporarily rendered blind. (Side note: A similar bug can be found in the preview display window when you are previewing an item, be it from a scratch, or from the player shop. If the window is up, and someone sends a text through chat, the window itself seems to black out, the same way the whole screen does when players are using certain accessories, albeit temporally, and only for a split second when the initial chat bubble appears) This is one of the strangest bugs I've ever ran into in any game. Again, I can't tell of it's a bugged texture/mesh, or if the physics involving accessory movement are the root cause, I just know only certain accessories, or certain circumstances result in a bug like this. It happens only when looking at the player with the bugged item. The player themselves can't see the bug, only the person looking at them can, It's not all accessories, and that it's jarring when you run into the bug at random. I've seen other players complain of this issue, here and there sporadically, and never have I seen them get any responses on this issue. At least not to my recollection, or personal knowledge.
Edit: Reporters note: Please ignore the chat log to the right. I took the screenshot while we were still narrowing down the issue to what we believed to be the Rappy With the Carrot on a Stick. I thought it might be their floating lantern at first, but that didn't seem to be the cause later.
(If any of the GM's see this, I'd love a reply so that I know it's been acknowledged at the very least. It would be greatly appreciated, especially considering the forums are supposed to be closing down in a few months. I posted this here so that it could be documented, and easily found by other players, that may be having the same issues.)