Hello,
This is a common indication of a failure in the power supply. There are parts called capacitors that are used in the filter section of the power supply, when they go out the power supply can't properly turn on so you get no picture and a flashing power light. Here is a picture of the power supply board with the problem filter capacitors circled in yellow and below the picture in a link to a repair guide with details dis-assemble and repair instruction along with parts list for the Dell 1905FP and 1907FP models.
http://www.ccl-la.com/blog/index.php/repairing-a-dell-1905fp-1907fp-lcd-monitor/
Sounds like it is in StandBy. You should be able to press & HOLD the power button to shut it down completely.
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