When I press the power button LG displaying chars for 1 second

Had the same problem, turned out it was due to a faulty capacitor on the inverter board, 680uF 25V (105 celsius rated). Simple to fix once you have the unit dismantled and the correct replacement part. Two screws hold the shroud on, but you need to be careful with an (old) credit card levering it off.

Unit is now working fine.

I think the main PCB of the monitor failed. contact the LG service provider in your area. check this link to get the service center info
http://www.lgservice.com/

I am now having the same issue with my LG Flatron. When I turn the power on, the screen only comes up for about 2 seconds, then it goes dark. I'l mention Balachan's info when I take it in for repair.

I have a LG too had for 1year did not have this problem till i updated my driver now everyone tells me to change power supply , cpu , memory, ect rec: removing driver and let windows control monitor