How I solved blank screen blinking light at boot
This could apply to you, but I hope not. After two days of bringing up 11.10 and tweaking it out, I booted to the blinking light, came here and thought the upgrade 11.10 to 11.10 would be nice, but I didn't have that option on my recent Live CD. Then I remembered. . .
This morning a thunderstorm came and I disconnected an external USB drive and an external E-Sata drive. That was the cause of the no boot.
When I hooked them back up, bam, back in business. So check your /etc/fstab for erroneous entries. During install, it ignored the E-Sata, but picked up two (of four) partitions on the external USB. How dumb of it.
To permit a null entry in fstab to halt the system without notice is very bad. I make mistakes, too, but usually only my dog suffers. Hope this helps someone.