from what i've tested
There's a couple of things. First, running windowed can screw things up so if you're not testing fullscreen then switch over and test again. Secondly, you can disable v-syncing (on which the True part of Flip True is based) in your GFX card's drivers, removing the difference between flipping False and True, so check those. Thirdly, the following should give you some idea of how much faster things can be if you don't wait for the vertical blank. It should cook when you press space, if it doesn't then let us know because you've got a problem.
Graphics 640,480,0,1
myImage=CreateImage(32,32)
SetBuffer ImageBuffer(myImage)
Color 255,0,0 : Rect 0,0,32,32,True
x=640
SetBuffer BackBuffer()
While Not KeyDown(1)
x=x-1
If x<-32 Then x=x+640
DrawBlock myImage,x,50
If KeyDown(57)
Flip False
Else
Flip True
EndIf
Cls
Wend
By the way, I've got a GeForce and if I run the above windowed it screws up - something to do with double buffering being "faked" in that mode from what I hear on this board.
EDIT: Took out a debug line that attempted to fix the screwy windowed behaviour.