I have the same problem with an AL1716. there are two of these actually. One is connected to a acer 1641 32 bit on win 7. The other is connected to a much newer 64 bit PC. the problem started about the same time for both monitors. I don't have another PC tro test with.
I've had the same problem with my 22 inch al2216w, I just upgraded to a 24 inch s242hl and I haven't had it happen yet. I was thinking it was my video card at first but was unsure. I would always have to reboot my PC to bring the picture back up.
I tested one of the monitors on another PC last night. it didn't change. I disconnected the pc cable and the green power light was still blinking. it was alright when i first booted it up on the other pc, then i powered down the lot, left it for 30 minutes or so and powered up again and got the same issue. I think there's a part in the monitor itself which needs attention. maybe the capacitor?
Most likely, that seems to be what I am told about my 20 inch with a similar issue... mine just never turns on anymore (no picture.. just blinking light). I have purchased a replacement capacitor kit (ebay has plenty cheap) and just have not had time to open it up and give it a go... I am afraid of messing up come the soldering. I wouldn't expect most people to be able to do this themselves it's not exactly easy or quick, but I have nothing to lose might as well try prior to tossing it out.
If you are currently using analog drivers switch to digital. It seems at least at first glance to have solved this issue with me. I am using a VGA and had the same issue with a G215H. Please let me know if this works for you. To do it you go to the device manager, select the monitor, go to hardware, go to properties, go to change settings, driver tab, update driver, browse my computer for driver software, let me pick from a list on my computer, there should be one in analog and one in digital, if you are in analog select the digital. not sure if the reverse works.