It has improved since 0430 for sure. It's almost too slow in EBL low now though, EBL high is pretty good without much flickering but big clipping issues at times. EBL Medium with curve of Low and speed of High would really help I think. I think it has been mentioned that they may add an option for EBL aggressiveness to control clipping at some point. Then High + adjusted clipping could work as well.
All dynamic dimming technologies will have the same problem, especially when the dynamic contrast ratio is high. This is a physical phenomenon and cannot be easily solved by technology.
I think you may be misunderstanding the issue here. The key point is: "even in extended scenes in which the brightness of the content itself does not seem to vary, including scenes which seem bright enough that EBL should not be active at all (at least in Low mode)." Why would the brightness fluctuate in a scene where the brightness of the content itself is not changing? In some scenes with bright components, EBl appears to be kicking in and thus causing brightness fluctuations there too, the point here is that EBL is kicking in when it should not.
I believe that the brightness pumping has been significantly improved in recent updates (P1215). Not sure if I should close out this one as completed or not planned because it does seem like something that cannot be completely eliminated. For users seeing quick brightness flickering check that it is not actually active contrast setting.