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I have seen this flashing before, this could be an indication that the picture tube is weak, what happens is that if the white balance is off there is a circuit called akb it monitors the kathode of each gun and if they are not in balance it will attempt to balance it out. if it can't the picture will begin to flash, sometimes in some models the power light will blink 5 times. On some models the power light will only flash if the tv gives up trying to compinsate for white balance and shuts off compeletely. If you see the tv shutting off with 5 blinks then you know for sure it is time for a new set.
Would you like to tell me about stand-by light condition when TV goes to Off/ shut-down? How many times this light blinks?
Actually light-blink gives feeback about problem area. You can say it Error Code.