Bryce: Yes! Thats exactly what is happening with the flicker on my external monitor, too.
I appreciate your last write-up, and was just about to give up, and do a clean reinstall of the official Natty release, because the support team here in Montreal did a clean install on exactly my machine (Lenovo X201); hooked an external monitor to the laptop, and he had no issues with switching back and forth on the internal to external monitor. I am also having other instability issues with the machine (randomly kernel-crashing on me now) so I think this would be the best option for me.
Let me know if you still want me to proceed with your steps, otherwise I will just do a clean re-install in the next couple of days.
I really appreciate your time and effort on this issue.