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Bad digital/power module. Contact Mitsubishi, they may cover part of repair, I am serious. If not, have a an authorized servicer send module to Mitsubishi for rebuild program. The only economical solution.
The #3 post worked for me. I first just did the capacitors and it did not work at first, but I got it reset. It worked for 2 months and lost power the other day in a storm and the blinking light came again and would not reset. I put in the switch and followed his directions and it work perfectly. Sweeet. The switch was easy. The capacitors were not hard, but very detail oriented. I work on copiers for a living, so I am used to taking things apart and back together. You must be able to solder and reassemble pretty well, or I would hire someone to do it.
ther are some bad capacitors on the dm board in this tv, but this model is not layman friendly, we usually send in the entire chassis to Mitsubishi for a rebuild this cost about $300 then there is the cost of service also, this job will probably cost around $5 or 600 dollars.
the circut that detects the bulb has been also failing in these sets
and the conversion chip that controls the picture , and the transformers are not putting out the full power they are supposed to.
this set will need to be tested to determine the exact cause or causes