Couple things I'd also try:
Override OnPaintBackground and remove the base.OnPaintBackground call. There's no point using OnPaintBackground in GDI if D3D is painting. It can cause flickering.
Also, instead of using Device.Clear to clear the background, perhaps try using a polygonal colored/textured background? Device.Clear used to cause flickering behavior on some computer video cards. I think it has something to do with a device Clear not being a true render call, and handled as an asynchronous memset, which causes issues with making render calls immediately after the Clear. Another common workaround was to Clear the device AFTER the buffers were swapped, and not immediately before painting. The reason that works "better" is because the memset is given more time to complete before the next set of render calls are made. At least that's how it worked ~7 years ago when I was working on the Direct3D team...
I have been trying to reproduce this bug in OpenGL, and can't get it to happen anymore: my code doesn't do either of the things I mentioned.
I will try and see if I can get it better. You would think that those samples did it right
Most MSDN samples and other apps I've tried have this issue, so that's why I tend to see it as a driver problem.
And Koush, admit it, the actual reason you disassembled the code was to see if I used your sensor sdk