I game alot on my phone, lots of RR3 and Dead Trigger 2, and the s-view clocks flashing used to irritate me as every time it happened my game would pause.
CM based ROM's are really to my taste as my phone gets very hot when gaming and the call quality is a real issue.
Set my phone to WCDMA only and no more interruptions. I can only guess that the EDGE is causing some kind of brief small magnetic resonance and the sensor picks that up and the sview clocks flash.
All I know is it works.