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A red blinking light could mean that the lamp timer is at it's limit and it is time to change the lamp. You will also have to reset the lamp timer by pushing and holding down 2-3 buttons on the tv or remote. Refer to your user guide for the proper way to reset and or change your lamp.
I'm having the same issues with my phillips flat panel. I downloaded the firmware update from phillips and that helped...but only once. I'm back to the same issue this morning. But you might try this download...it may work for you.
I would try a power drain: Unplug the TV's power cable so the TV is not grounded to the house. Then press and hold in the TV's own power button for one minute to drain the capacitors. Plug the TV back in and see what happens. If the TV will still not turn on, I would say you have a problem with the TV's mainboard as a dead power supply will not light any LED's for you.
You need to replace both of the convergence ICs they are number STK392-110 you can get new replacement ICs at the following link and they provide free instalation instructions so you can do the repair yourself which tkes about 30 minutes to do and saves you about 400 dollars. heres the link. http://servicemanuals.vstore.ca/
it could have over heated you can try to reset it first unplug it for about five minutes and try to turn it on if that dont work the remote might have a set button try holding that down until the red light flashes twice, then turn it on if not then hold the power button down on the set for a good five seconds to see if that resets it. if none of that works you will have to go to panasonic .com for the reset instructions.with the red light blinking the power supply is most likely good you just need to reset i.