I know what you're talking about. Mines been blinkin ever since I hit 150k miles... It blinks 3 times. I figured it was just fords way of saying that I should go have general maintenance performed on the Air Bag system. I've just kinda tuned it out. Just like my low coolant light that is always on.
Though I can't recommend the same thing, but I haven't had any problems with the airbag for 10k+ miles so... do what ya want. And if you figure out what its for, lemme know.
