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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 section 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 procedure, to many popular brand TVs and other devices. http://electro-medical.blogspot.com/
Our $2700 less than 3 year old Sony LCD KDL-40XBR5 did the same thing 2 weeks ago. Sony was anything but helpful. They said to take it to a repair shop or we could send them $550 and they would replace it with a $800 set. Repairman says that it is a panel and the part has been discontinued by Sony. The 46" sets had the same problem and were recalled but not the 40" screen. We stopped on the way home and purchased a 40"