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These blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices. http://electro-medical.blogspot.com/
Hi...I am sorry to say that I had this exact problem. It ended up being the upper and lower panel drives. I contacted Hitachi and even though my unit was out of warranty, they agree to pay for parts. I paid for labor myself, and it cost me $199.95.
Good luck with it...let me know how it turns out for you.