Interrupt like environment within normal code

That solution is non-ideal. Suppose "someSensorFunction()" or "(whatever)" causes flag = 1. Then the 'if' statement evaluates to true:

  if ( flag ) {
    magicBus();
    flag = 0;
  }

But, what if interrupt occurs while body of 'if' statement is executing:

  if ( flag ) {
    magicBus();
                        <-------- Interrupt occurs here and sets flag = 1
    flag = 0;           <-------- flag set to 0. 
  }

So, next time through loop(), the call to magicBus() that should take place due to interrupt won't happen.

Guess it depends how critical that is to your application.