The flickering you get when changing memory frequencies with the HD4870 occurs with all the compatible Catalyst drivers (8.6 Beta through 8.12 Final).
ATI's implementation of GDDR5 memory and overaggresive PowerPlay state changing is the cause of this.
Best bet is to just lock in your GPU/MEM frequencies for whatever state you're in, using ATT, Rivatuner, etc. You'll only get one flickering effect when locking/changing states this way.