I just received this monitor from monoprice. It works great with my 15" Retina Macbook Pro. On my Macbook Air it turns on and off every 4~5 seconds. It's extremely regular.
I took my Air to an Apple Store and they didn't have any ideas beyond checking the firmware. My dual link dvi cable has the 1.0.3 firmware and I don't have any system updates available in the app store. I've tried Resetting NVRAM / PRAM with no success.
I'm not sure how to continue. This monitor works great with my Retina but I got it so I could use it with my Air.