Looks like when Sovereign Worlds pass each other in the sky, there is some Z-fighting. This causes constant flicker between as they fight for which world is in the front…
(These were taken in sequence)
(These were taken in sequence)
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you witnessed planets mating in their natural habitat 
there will be new baby worlds in the sky soon
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Thanks @Stretchious, I’ve added these to the bug database.
I guess screenshots don’t do it justice, but was the flickering particularly bad in motion?
It was definitely noticeable even though they are small in the sky. Every slight movement caused them to flicker where they overlapped.
I would have grabbed a video but by the time I had OBS fired up and set up to actually record videos it was a little too late.