I can pinpoint now my problem to a tandem of xserver-xorg-video-nouveau (either in current stable and testing/unstable) and xfwm4 in version 4.12.
More specifically XFWM in recent version (4.12):
1. triggers problem when used with nouveau 1.0.11 [b1] and G92.
2. works OK with nouveau 1.0.11 and G86