A technical report regarding voltage fluctuations was recently published by Cigre. The working WG C4.111 was set up to look into the possible changes to existing voltage fluctuation compatibility levels. This is mainly due to the widespread opinion (myself included) that modern lighting are less susceptible to voltage fluctuations as compared to the traditional 60W incandescent light bulb which formed the basis for the Pst (Short Term Flicker) concept.
In summary, it was found that it was not definitive (at this time) to confirm this widespread opinion. While many of the modern lamp technologies tested were less sensitive, there were some that were tested to be more sensitive. It is thus concluded that the existing limits or compatibility levels for voltage fluctuation remain for the time being.
The full technical report (Review of LV and MV compatibility levels for voltage fluctuations) can be found at www.e-cigre.org