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Crazy as it sounds, try unplugging from wall, waiting 1 minute and plug back in. If set up to network or cable, try unplugging router, cable box, etc, same thing 1 minute and then plug back in.
Referred to as a "soft reset".
I have the same issue on my Vizio M470NV. I called Vizio and they told me it is a self diagnostic test that is shutting down the TV automatically to protect it. They said they are working on fixing the issue with a firmware update that will be pushed out automatically if you are connected to the internet. No ETA given on when that would happen. I called them on the 3/14/11 and my TV is still shutting down randomly.
For bobby11 and luis, it is the power supply. Part Number EAY34797001 in the 42" and EAY34796801 in the 32". This is a known problem, and somebody should start a Class Action against LG over this one. Part is available online and easy to swap out for anyone with the most basic knowledge.
If under warranty then of course use that. This is a display problem. One solution someone knowledgeable in electronics can try. This problem can be caused by a bad connection fitting of the flat cables on LCD controller board. Dis-connect the flat cables from the LCD controller(T-CON) and carefully reconnect them. Try the unit before reassembling the back cover. You may have to disconnect/reconnect several times to show improvements if this is the problem.