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The only bad thing is the app that comes with velocity is 16KB while Tiny Flashlight + LED is 2.15MB.
And you can't move it to the SD card, well you can , but you lose the widget
But other than that, I love the app 
I've had it before and it still flickered for me.
Went ahead and reinstalled to see if it's been updated to fix the problem, and all it does it crash my phone now...
Uninstalled, I suppose I can bear the flickering of Velocity's built in app.
I think I know your issue, I can't use the app if I am overclocked at 787mhz because my phone crashes. Try underclocking and I guarantee it will work and not flicker.
