The effect is very smooth in 4.1.2 (Jellybean). The 4.2.x update screws the effect making it very fast to be enjoyable and takes a second or near about to respond.
Fortunately, after searching previous Nexus devices threads and testing various .prop additions, the one below works wonders.
Makes it smooth as the 4.1.x effect.
Before instructions, please make a backup of your current ROM and the build.prop file
Root required to do this.
1. Download any Root explorer from the Play Store, preferably https://play.google.com/store/apps/d...tware.explorer
2. Open it, grant SU access and navigate to /system.
3. Navigate to build.prop and long press and click 'Open in Text Editor'.
4. Add this line "debug.sf.electron_frames=1".
Of course without the " " marks
5. Save and Exit.
6. Reboot your device and Voila.
Enjoy your smooth CRT off effect.
I'm on CM10.1 by the way.