I think you're running the early driver we provided for inclusion with Jaunty. That driver is a pre-release version of Cat 9.4 and does *not* provide flicker-free GL under Compiz.

You need to download the Catalyst 9.4 driver from amd.com, build packages for your distro, then install the resulting package. I haven't heard of an official Cat 9.4 package in the Ubuntu repository.