The effect is similar to mouse trails when enabled. You see previous image as new one is displayed due to LCD's not being responsive enough to discharge light before next lighting.
Just to refine that a bit, i wouldnt have said "discharge light", to be more accurate, its caused by the time its takes for a pixel to go from passing light to blocking it (or degrees of therof), for example if you moved a your white mouse pointer across a black screen, the pixels that were white (passing light) take some time before they "close" and block light again (and visa versa) im not sure which operation is faster or if they take an equal time to go either way. maybe it depends on the lcd construction id have to look it up...