I believe this is an excellent move by the park. A much needed paint job. Excited to see what the "New Six Flags" does do improve other park aesthetics!
Ride update: The park is currently in the process power washing the Flashback. The paint is starting to come off nicely on both spikes. While it appears the coaster may have been stripped down to its original paint the first spike, in reality, it actually has started to receive it's first coat of new paint!! The new color is a slightly darker turquois compared to the original color the ride opened with as seen on the rear spike.
Here's an additional fun note. The park has taken to adding colorful underlighting to the coaster. Check out these nighttime photos!
More progress is being made on Flashback. I also spoke with the park's operation manager. There may be a tin roof in the works to replace the canvas canopy formerly covering the station. Additionally, the ride's train is said to remain a red color.