Smallhacker
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Upgraded Catalyst to 13.1 (OpenGL version 6.14.10.12002) and has since then been unable to reproduce the flickering.
I too have experienced this too since upgrading to 1.5. (I skipped the last few weeks worth of prereleases, so I don't know if the bug was present there.)
Based on my own experimentation, the bug involves the leftmost item in the hotbar where a number is rendered. (So, "Dirt Block, Gravel Block, 3 * Wood Block" would make the 3 flicker.) However, if said number is 10 or greater, it apparently won't flash, nor any of the other numbers. The flashes are seemingly random colors and occur at seemingly random times.
Flickering seems to be independent of graphics fanciness, lighting and performance settings.
The incorrect color it occasionally flickers into seems to remain constant if one isn't moving or turning the camera. Changing either may yield a new color.
Graphics adapter is AMD Radeon HD 7700 Series. Running Windows 7 64 bit.
Attached crash report post-upgrade with no signs of the flickering so far.