NeoHomeBrew (./66) :
It seems a bit to slow and produces a slight "stroboscope-like" effect on the real system (even more noticeable in MAME emulation).

The cycling checkerboard technique does cause flicker at 30 Hz (NTSC) or 25 Hz (PAL). Some people don't notice it or aren't bothered, I tend to find it annoying (but I'm sensitive to flicker, I don't like the 50/60 Hz flicker of CRTs either).

The result will also depend on the kind of monitor you're using. Computer LCD monitors are the worst case, CRTs monitors are nicer, LCD video monitors may be even better (some of them use processing that removes the flicker in that case).

The best is to do beta-testing with different people and monitors