I got the latest update to 2019.28.3.1 last night.
Two things:
1.) The grey flashing has stopped. I was incorrect about one thing, though - it wasn't just Sentry Mode that had the issue. Dash Cam does, too, but the issue is related to the video frame having little/no movement in it. I never noticed before, but looked more deeply into it. Here's what I mean:
Look at this video from Sentry:
Dropbox - 2019-08-13_12-33-41-front.mp4 - Simplify your life
You'll note that any movement in the frame is trying to resolve (the man walking, the tree leaves blowing etc). Very odd.
Now look at this video from Dash Cam:
Dropbox - 2019-06-28_11-47-54-front.mp4 - Simplify your life
Everything looks fine UNTIL I stop at around 19 seconds. Then we're back to the same issue as above. This is a really, really weird issue, and I wonder if that's why...
2.) The codec has now changed on these videos. Whereas before 2019.28.x.x the files were HEVC/H265, they are now back to parity with HW2.5 - H264/AVC. I'm guessing Tesla has some issues they need to address, and HW3 owners will get bumped back to H265/HEVC at some point.
Either way, this problem is now solved.
So for the record: This problem was nothing to do with slow media, bad SSD, corrupt blocks, splitter cables etc. This was purely a software bug that appears to be addressed in 2019.28.x.x.