Recently we discovered a phenomenon, we call Spatio-Temporal Rivalry (STR), wherein exposure to a physically coherent moving object elicits two conflicting illusory percepts.
The stimulus used in reported experiments consisted of a rotating windmill. The arms of the windmill either had a single green stripe at the mid-point of otherwise red arms, or consisted of multiple red and green stripes.
With the first type of stimulus, STR is characterised by mutually exclusive intermittent appearences of an illusory static green ring at the mid-point of the windmill arms, and by intermittent dissapearences of all trace of green, leaving an impression of an illusory red rotating windmill.
CAVEAT: The online demonstration is suboptimal. Optimal effects depend on high rates of local repetition (~10Hz) and on equating red and green luminance. We cannot ensure either status over the web, but the effect should be sufficiently robust for you to get some idea of the perceptual effects observed. Also, due to the poor sampling rate available over the web, we have used a sinusoidal luminance modulated windmill, as opposed to the square wave pattern used in reported experiments.