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Upon Sony's launch of their new consoles, reports have been coming in about faulty HDMI ports, some not outputting signals. Sony had officially stated this only effects .4% of shipped consoles. As it turns out, this issue is self-fixable, and isn't a full-console failure. The culprit? A tiny piece of metal that was supposed to be fleshed with the console.
And just recently Sony was able to verify the issue by one or two of the consoles sent in for repair. The issue is actually not a failure of the HDMI port but a piece of metal that is supposed to be fleshed with the console sticking up. Plugging in the HDMI cable resulted in it being cut and thus no output image. The solution is as easy as this; simply push the metal piece down so that it is out of the way and it will work as normal! There is no faulty ports as far as Sony can tell. As a safety precaution when you get a PS4 make sure to check the HDMI port before you plug the cable in! It seems the faulty metal piece is the majority if not all of the HDMI port issues.
Source
EDIT: The article also mentions what the "Flashing Red Line" means as well, it's an indication of overheating and is meant to protect the console. If you happen to come across this indicator, be sure to move your console to a better ventilated spot (something you should be doing in the first place )