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My 50hp95 had the same problem; the red power light is flashing and the tv will not turn on. I unplug the power and plug it back in and the TV clicks, but the power light continues to flash red. My problem was a bad Seine module which you can bypass if you do not need to watch HD off air programming. Since I get my HD from the cable, I can bypass it. All you need to do is remove the back panel from the TV (unplug the TV first) and on the main circuit board unplug the white connector labeled PJ63A. The main circuit board is the one in the center of the TV and the PJ63A connector is the bottom white connector on the left side of the main circuit board (the label is printed in white on the circuit board under the connector). Once I plugged the TV back in it worked immediately.
Today's Plasmas and LCD are more challenging to troubleshoot to the component level as most service techs replace the entire assemblies.
I would suggest to start by measuring the voltages from the power supply to the Ysus and Zsus board, those voltages will appear for a short time since the TV goes back to shutdown mode. Check all the fuses on the Ysus and Zsus boards as well, any blow fuse will indicate that a transistor or mosfet has shorted out. Most power issues are related to the Ysus and power supply assemblies.