I have a similiar problem. I have 5 blinking lights. Panasonic asked that I unplug the TV for 2 minutes. That resets the set. Well it didn't work for me...but may work 4 someone else. I have to call a serviceman. Sux.
Same problem with TH-42PZ700U. Took the plug out of the powerstrip and stuck it in the wall outlet and no fix. I will call Panasonic tomorrow. Thinking it might be a heat issue, cause it has been working again after it cools down for 20 mins. Only had this unit since 10/4/07.
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This is a plasma unit and philips plasma's are nortorious for bad power supplys, your problem may very well be the power suppy in the television, it is possible you blew a low B+ fuse on the power supply. There is also a issue with the Y-sustain board failing in this model, If you open the back and looking at the unit from the rear the y board is on the left side of the unit and the PS is in the center. disconnect the Y-sustain power plug from the power supply and turn on the unit if the unit stays on with no red light then the y board is bad. it does the same then replace the Power Supply.
Dont know if this will work for you or not, but my brother gave me his because of the same problem. It would power up and a green light would come on, then after 10 -15 seconds it would change to a red blinking light. I plugged a usb cable into the service port on the side and left the other end unplugged. Then plugged the tv back into the power. i took a small screwdriver and ran across the contacts in the end of the usb cable until both the red light and the green lights came on. I did this several times listening fot the clicking noises in the TV. after doing this for approx 20 seconds, i pressed the power button and the TV worked fine. 5 days now and no problems. Only thing I can think is I somehow reset the software and now it is working fine. Hope some of you can figure this out and give it a try. if the TV is just sitting, you have nothing to lose
if you are not technical i sugest you have this checked out by a professional most probably a fuse has gone from iside or your driver board has gone down.
The blinking should be normal after you have turneds it off because some capacitors will be discharging.