JVC TV with power problem

I have a 27 inch JVC TV (JVC AV-27D502) that I bought about four years ago that seems to be having a problem. It just started behaving oddly when I power it up. The Sleep Time/TV light starts flashing and the power switch won't work. If pull the power plug, wait a few seconds and then plug the power back up then the TV comes on normally.

From looking on the web it seems like it might be some sort of power issue. So my question is what is the likely problem and how much is likely to cost to fix (assuming I can't fix it myself)? With all electronics there's always the question of whether it is cheaper to fix the problem or buy something new.

Thanks for any help.

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1 shawn: Most likely SMPS startup problems caused high ESR or faulty electrolytics.... probably on the primary side. This would not normally be a real expensive repair at most shops as long as you don't nurse this along until it quits altogether. It will only get worse and cause more expensive damage if you wait to get it fixed. This is NOT a repair for the novice..... At the very least you should TAKE it to a service shop for a repair cost estimate so you can make an intelligent repair decision with facts instead of internet or telephone wild guesses..... a tech will actually have to open er up and make tests and observations with the proper skill and test equipment. TAKE it to a shop. electricitym . .
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