The blinking light indicates there is a problem much like a check engine light in a car.
Unfortunatly this is an older TV CRT based and is problably only capable of 1080i HD resolution if your lucky. I would watch it til lthe TV dies then replace it. If its unwatcable then its tiem to replace this set. If a CRT is going bad then its time for a new TV finding new CRT's is just about impossibel these days.
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It sounds like your lamp is about to die out,this tv lamps are good for 6000-8000 life hours which is a average time of 2-4 years old and with time the picture starts to get darker and darker until one day black screen. Try Encompass .com ; shopjimmy.com
Hmm my dad's old t.v. just cut out on him it took awile to turn on this my be the end of ur tv so this might be a power problem but older t.v. loose there colour on the screen my uncle had a like 10-15 year old t.v the screen was like green when it was light but when u turned of the light or closed the blind's it's picture was ok so try that.
The other stuff is probably the Engine as well. Before going any further, have them replace it again and see if the other problems show up. I am willing to bet they wont. These Engines are mostly refurbished units and if they originally had intermittent problems on the Digital Board that comes mounted on the Engine it would get passed on to you.
I would not wait before having it replaced and I would Call LG first to let them know you got a dud replacement Engine. Let me know how it comes out.
Usually that is a sign that your red picture tube is ailing. However there is a chance that it can be adjusted out, at least buy you time worst case.There is a voltage control in the front of the TV, you have to remove the bottom front half of tv to get to it. Some Sony's have 2 screws hiding at the bottom of set in front hidden behind 2 plastic covers,others just have screws along the backside.Be careful there are wires to front panel attached so remove slowly and leave wires on just move it out of your way..Once you remove that there is a small access panel to take off. You will see the voltage control (small plastic square with 6 knobs) The top knobs are focus controls for each tube the bottoms are for voltage adjust. The far right knobs are for red.So you can turn the red voltage control SLOWLY to the left,this will reduce voltage.Reduce until you see the red lines disappear. If you go too far one way or the other with the voltage control the tv will shut down and you'll waste time readjusting and turning set on until it stays on. If you can't adjust it enough to get all the red out without shuting down tv tube is in too bad of shape.
I just replaced a lamp in a Sony LCD projection that was just over a year old and it was bad. It was a VERY dim picture. You have a DLP but, in either case a dim or dark picture is almost always caused by the lamp.