The most extreme example could be 'dithering' a grey square into 1) a black square and 2) a white square, and when they are rapidly switching between the two it might appear as a grey instead.
I guess that in practice, the refresh rates of monitors are too low to make it seem anything other than a terrible flickering image, but on old CRTs the effect might work a little better. It's also memory and CPU intensive, but I'd still be curious to see if it could be used successfully, and if it improved the quality compared to 'just' a single dithered image.