Alex,
While I agree completely that blinking text can be obnoxious, I can also see a use for it under certain situations. For exmaple, on a machine control syustem to bring attention to an extremely dangerous situation causing a serious potential safety hazard one might blink the message for a period of time and then settle it down to non-blinking while also sounding a audible alarm as well.
The problem with these types of issue is not absolute but rather the degree to which it is used (or overused)