  We present the first systematic analysis of the X-ray variability of Sgr A*
during the Chandra X-ray Observatory's 2012 Sgr A* X-ray Visionary Project
(XVP). With 38 High Energy Transmission Grating Spectrometer (HETGS)
observations spaced an average of 7 days apart, this unprecedented campaign
enables detailed study of the X-ray emission from this supermassive black hole
at high spatial, spectral and timing resolution. In 3 Ms of observations, we
detect 39 X-ray flares from Sgr A*, lasting from a few hundred seconds to
approximately 8 ks, and ranging in 2-10 keV luminosity from ~1e34 erg/s to 2e35
erg/s. Despite tentative evidence for a gap in the distribution of flare peak
count rates, there is no evidence for X-ray color differences between faint and
bright flares. Our preliminary X-ray flare luminosity distribution dN/dL is
consistent with a power law with index -1.9 (+0.3 -0.4); this is similar to
some estimates of Sgr A*'s NIR flux distribution. The observed flares
contribute one-third of the total X-ray output of Sgr A* during the campaign,
and as much as 10% of the quiescent X-ray emission could be comprised of weak,
undetected flares, which may also contribute high-frequency variability. We
argue that flares may be the only source of X-ray emission from the inner
accretion flow.
