I have this same problem -- intermittent flickering and once in a while, complete blackout.
I can still hear fan running (or even a DVD burning) in background, but cannot wake up the screen. Forced to "sleep" (power button) and then the computer will wake OK (however forcing the computer to sleep interferes with some operations so it is not a good solution).
This is my main workstation at the moment, so taking the computer in for a "fix" is not an option. I've been using the computer for about one year and until the past couple of weeks, this problem had NEVER occurred.
My 27" i7 iMac is mid-2010
Processor Speed: 2.93 GHz
Number Of Processors: 1
Total Number Of Cores: 4
L2 Cache (per core): 256 KB
L3 Cache: 8 MB
Memory: 8 GB
Processor Interconnect Speed: 4.8 GT/s
Boot ROM Version: IM112.0057.B00
SMC Version (system): 1.59f2