I have had the pulsing display (low brightness, 2-4 bars) since I got the machine in May '09. Mine is a 2.66Ghz mid'09 with the 9400/9600 512MB.
As an anecdote, the initial machine I bought had this and I returned it for full refund and subsequent exchange. The exchanged machine had the same pulsing and a dead pixel but rather than go through the hassle I decided to just live with it, didn't have the time to play "musical laptops" so to speak.
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About a month later, I noticed the battery door wasn't sitting on correctly and brought it into the genius bar. The tech offered to just replace the machine since it was so new (less than 30 days old) and it had a dead pixel right in the middle of the screen. I wasn't mad about the pixel but didn't mind getting it exchanged--after about 45min of data transfer, I was out the door with another (third) Macbook Pro.
The third unit had the same "pulsing at low brightness" as the other two, can't say it was better or worse but was still there. Fast forward to last March, I had my logic board replaced by Applecare due to a bad headphone jack (no audio, red light). The genius bar said the logic board should be replaced b/c it was an issue they felt would only get worse, and it's better to get it fixed while under warranty. No problem, it went in and I got it back two days later (very quick turnaround, btw)... with a new logic board in place I still noticed the flickering at low brightness.
I contacted Apple care (customer service by telephone) and spoke to two technicians, the latter being a "senior advisor" which I'm assuming is a tier 2. The senior advisor was very nice and asked if he could get back to me with a resolution after taking down all of my information, troubleshooting steps, etc. No problem, and he called exactly within the 48hr window as promised. The tech said that it was indeed "known behavior of this model" and is within specification. The only "workaround" is to turn the brightness level up a few bars, or to use the 9600GT chipset instead.
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I think he knew my next question b/c he immediately followed up this statement with, "There's nothing 'wrong' with your computer, it's expected behavior for this model." I wasn't surprised since it had been the same issue/behavior on the two previous ones from last year. The tech also mentioned that it was something to do with the displays and the LEDs, so I'm guessing the explanation earlier about "Pulse dimming" compliments it. All in all, I'm still quite happy with the machine. Recently I had to take it in for a software freezing thing (OSX periodically would lock up for no reason) that was apparently resolved by replacing the RAM and HDD....knock on wood, no issues since.
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As much as I wish the computer didn't pulsate at low brightness, it hasn't really taken anything away from the computer for me. Apple's customer service (Apple "care") has been really easy to talk to, and their genius bar at the South Coast Plaza store have been really good about repairs.
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Last point. My wife has a unibody white Macbook that does not exhibit this behavior at low brightness.