Here's a quick tip: when your looking to fix flicker problems in a VCL application be sure you check the FullRepaint property of any TPanel container components used to control form layout. Recently, while working on one of my pet peeves in the IDE, flicker during a window resize, I found the aforementioned property to be the culprit on more than one occasion. The IDE's editor window is a fairly complicated nesting of (essentially) TPanel components used for docking and client aligned sizing and digging into these panel's I found several of them had FullRepaint set to true. A quick property toggle and rebuild of coreide (an IDE package) and the problem was fixed.
There are still a few, much smaller issues remaining but since this issue affected the code editor, embedded designer and Welcome page fixing it has made a big difference.
[UPDATE: May, 2008] Related posts:
Using the WS_EX_COMPOSITE window style to eliminate flicker on Windows XPQuick Tip #2: Fixing flicker caused by WM_ERASEBKGND in a Delphi VCL app