It appears that NZXT CAM is not playing well with ASUS Armoury Crate.
With Armoury Crate set to sync my Gskill RAM's RGB, and with NZXT CAM running, the RGB ram flickers randomly. Turn off NZXT CAM, without changing armoury crate in any way, results in no flicker of the RAM. Turn off the RGB sync in armoury crate, no flicker (it is then using the motherboard's default rgb control which NZXT cam appears to behave with)
There is a reddit thread full of people with the same issue.
Motherboard: ASUS ROG Crosshair VIII Dark hero
RAM: Gskill Trident Z Neo F4-3600C16Q-32GTZNC
NZXT CAM: latest version, see logs