After creating the restore point, v$database.flashback_on changed from NO to RESTORE POINT ONLY :
SQL> select current_scn,log_mode, flashback_on from v$database;
CURRENT_SCN LOG_MODE FLASHBACK_ON
----------- ------------ ------------------
757896 ARCHIVELOG NO
SQL> select * from v$restore_point;
no rows selected
SQL> create restore point R20140614080801 guarantee flashback database
Restore point created.
SQL> select flashback_on from v$database;
FLASHBACK_ON
------------------
RESTORE POINT ONLY
Flashback logs are actually created in the flash recovery area (which was set before creating the restore point).
[oracle@orahost1 fast_recovery_area]$ find . -type f -mmin -5 -ls
49417 51264 -rw-r----- 1 oracle dba 52436992 Jun 14 08:11 ./NVPDBH1/flashback/o1_mf_9spxnngs_.flb
49418 51264 -rw-r----- 1 oracle dba 52436992 Jun 14 08:09 ./NVPDBH1/flashback/o1_mf_9spxnp3b_.flb
1796706 9760 -rw-r----- 1 oracle dba 9977856 Jun 14 08:14 ./NVPDBH1/controlfile/o1_mf_9hy6087n_.ctl
1796749 51260 -rw-r----- 1 oracle dba 52429312 Jun 14 08:14 ./NVPDBH1/onlinelog/o1_mf_2_9km0b9k6_.log
... and the database records them here:
SQL> select * from v$flash_recovery_area_usage;
FILE_TYPE PERCENT_SPACE_USED PERCENT_SPACE_RECLAIMABLE NUMBER_OF_FILES
-------------------- ------------------ ------------------------- ---------------
CONTROL FILE .19 0 1
REDO LOG 7.03 0 7
ARCHIVED LOG 39.58 .05 80
BACKUP PIECE 12.24 0 2
IMAGE COPY 0 0 0
FLASHBACK LOG 2.01 0 2
FOREIGN ARCHIVED LOG 0 0 0
7 rows selected.
(The flashback_log row in v$flash_recovery_area_usage was all zero before creating the restore point)
Then after the restore point was dropped, flashback_on became NO again and all the flashback logs were automatically deleted from the recovery area.
In Oracle 10g I remember the database has to be mounted to turn on flashback, but not in 11gR2 (not sure about 11gR1). So I guess that's why Oracle can turn it on behind the scenes when required by creating the guaranteed restore point.
Finally, I tested flashback database to the restore point and that worked too; the database opened successfully after reset logs.