Dogs can see flickering light better than humans. The only significance to this appears to be that dogs may see television as a series of moving frames rather than as a continuous scene. An object a human can see clearly may appear to be blurred to a dog looking at it from the same distance. This means that they can see at 20 feet what a normal human could see clearly at 75 feet. Humans have trichomatic vision, meaning that they can see the whole sprectrum.
Dogs probably lack the ability to see the range of colors from green to red.
This means that they see in shades of yellow and blue primarily, if the theory is correct. Since it is impossible to ask them, it is not possible to say that they see these colors in the same hues that a human would. Whether or not the ability to see some color is important to dogs or not is hard to say. Also consider the perspective that dogs see the world from. A dog with its eyes about 12 inches off the ground certainly sees the world a different way than a human with eyes about 48 inches off the ground like many 5th graders.