Flag Master 1.2 has been released today to include some requested features and a couple ExpressionEngine 2.7.X bug fixes.
First, finally, the Grid issues are resolved so you can now use Grid and Flag Master side by side. Sorry about the delay on that one, but it was really tough to duplicate in my test environment.
I've also added in a couple new template tags to the default ExpressionEngine channel entries and comments template tags. Now, when you use either of those 2 tags, you can use a special Flag Master tag to display the number of flags for the entry or comment. Be sure to check out the Template Tag section of the Flag Master docs for full details.
Check out the Change Log for a list of everything that's changed.