Nothing wrong with flake if it's good quality. The type of cichlid you're feeding should also determine what you feed - larger cichlids might not pay any attention to flake. Additionally, many cichlids are herbivorous (Vieja, Herichthys, mbuna, etc.), so you'd want to be feeding a good spirulina flake to small herbivors, and perhaps a spirulina/veggie stick or pellet as they get larger. Mbuna would be happy on spirulina flake their entire lives.
It's also a good idea to mix up the diet a bit. My herbivorous cichlids get fresh or frozen veggies (peas, spinach, zucchini) and the carnivores get crickets, superworms or earthworms in addition to the pellets/flakes.