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Short circuited component/s at its main board. 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 stage 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, to many popular brand TVs and other devices.Viewing it in "Mosaic" will make surf easy. http://electronicshelponline.blogspot.com/
Blinking codes details to many popular brand TVs are given.
Plasma? Your power supply has bad capacitors. 3300uf most likely. This is a common problem on some Philips plasma TVs. Power board is located top center of the TV with the rear access panel removed. look toward the lower left portion of the board. If you notice any capacitors (they look like little plastic wrapped cans) with swollen tops or leaking dark fluid from the top of them, replace them. Myself, I always step up the voltage rating... ex: 3300uf, 10v -> 3300uf, 16v.