Flashback allows you to rewind the race and correct any mistakes that you might have done like braking too much at a curve, colliding with an opponent when overtaking etc.
The option to turn back time has become a regular feature in racing games and F1 2012 is no different. You get a limited number of flashbacks in each race and each flashback allows you to rewind a few seconds when it is used.
The number of flashbacks that you have differs on different difficulty levels and increases on easier levels and decreases on harder levels.
Being limited in number means you have to use them prudently and ensure maximum benefit once it is used.
Racers looking for realism in their races can turn this option completely off.
