I got hold of iPhone 4S and currently running tests from cocos2d-x of the latest version.
Basically, there are still absolutely the same problems even in the standard tests, but not in all of them.
For example, starting from actions tests and up to SceneTest (apart from ParticleTest) - running ok.
ParallaxTest - when I run it at the beginning, then it show the problem .
The same problems with TileMapTest and Texture2DTest (when images become too big - they start blinking).
However, when you run EffectsTest and after that any of the defected tests - Parallax or TileMap, then they work ok.
So it seems that EffectsTest has something that makes OpenGL work without problem. Carrying on my research…