Travis, these issues have been discussed here at length. I suggest you do a search. Past threads should yield some useful information. After some reading, you could then post specific questions.
Not sure what the flicker bug is. Haven't found anything about it after a reasonable search on this forum. It is possible that the chroma bug can lead to added flicker in some circumstances.
The chroma bug shows up most obviously as thin horizontal discolored streaks at the boundary where contrasting color patches are atop one another or meet on a slant.
On DVD every two scan lines share the same color. The player always decodes the video as interlaced at first. If the player does not put the color on the scan lines properly we end up with the color that goes with scan lines 1 and 2 being put on scan lines 1 and 3, the color that goes with scan lines 3 and 4 being put on scan lines 2 and 4. Errors are more obvious with computer generated video such as on Toy Story and Bug's Life, since details can be put on scan lines more precisely. Different strategies are needed to decode film source video compared with live source video.
More: http://members.aol.com/ajaynejr/vidbug2.htm
My understanding of the "flicker" problems is as follows:
The Sage/Faroudja chip based players (RP56, 62, etc..) have a chroma suppression setting that prevents the streakiness of chroma upsampling (aka the chroma bug). But, in some instances how that feature is set, it can cause reds that would streak under the chroma bug to instead strobe or flicker. On expensive players this chroma suppression setting can be changed but on inexpensive players it cannot.