I have a Panasonic TC-P65ST50 which recently began shutting down and displaying 7 blinking lights and 8 blinking lights. Most of the time 7 blinking lights are displayed.
Most of the time when it shuts down it displays the 7 blinking light error code. About a 4th of the time the 8 blinking light error code is displayed.
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Product Troubleshooting for TC P65ST50 - 65" Class 64.7" viewable VIER - TC-P65ST50
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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.