This did not work for me but made it worse!
I had a failure on the computer I usually have attached to the LED Cinema Display. So I switched to the current one: MacBook Pro 2 GHZ Intel Core i7 with 4GB Ram 1333 MHZ DDR3.
It was fine at 10.7.4. Then I had to update to 10.7.5 in order to run Server Admin tools. It was an immediate freakout by the cinema display. Blinking/black out about every minute or so. I went through the community, found this article and ran this firmware update. It was a disaster and I started getting blinking at a rate of every 5 seconds.
So HELP!
LED Cinema Display MB382LL/A-OTHER, CMQ -