Excellent, Phil! Clearly the "Region Workaround" implicitly caused PerformNeedPaint(true) to occur, in the Shown event.
Robin,
Nice development box! I'm a Linux developer, so I was running a Windows 7 VM inside VirtualBox, on Ubuntu, on top of a quad-core something - and admittedly only ran the test for at most 10 mins. The target PCs at work were clearly (surprisingly) fast enough to not show the issue too!
It would be nice to understand the race condition, however, as I'm pretty sure that's what it is.