Eagleman & Sejnowski (2000abc) proposed a third alternative: visual awareness is neither predictive nor on-line, but is instead postdictive, such that the percept attributed to the time of the flash is a function of events that happen in the  following the flash.
Eagleman and Sejnowski (2000abc) suggested a different perspective on visual awareness: it's not predictive or instantaneous, but rather postdictive. This means that our perception of what we see at a particular moment is influenced by events that happen after the flash.