I scoured the Web but couldn't find any other instance of this but the other day, in another thread, a few people have said that they've experienced the same problems. It's happened to my friends phone as well. I thought both of us were sold defective pieces to be honest but it looks like a global issue.
This is not just a case of screen flicker and screen changing colours on a white background. It goes haywire! Almost like the old television sets with their rainbow effect.
This has happened pre and post ICS; so it's definitely not a software issue. It has to be a hardware defect.
When I tried taking a screen shot of it, it just took a screen shot of the app I was using before the madness began.
It happened again last night. This time, fortunately or unfortunately, the screen stayed that way till I hit the power button. I had enough time to take a photo of it using a friends phone. Check it out :
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