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Typically, a flashing light is more serious than a solid check-engine light. The flashing light is meant to alert you that you may have a misfire in your engine that will cause catalytic converter damage if you leave the problem unresolved. Replacing a catalytic converter can be costly, so have the engine checked as soon as possible by a certified mechanic.
As a result, the check engine lights themselves (and the range of well more than 100 possible problems they can detect) vary considerably. On some cars, the light simply goes on. On others, it may flash red to indicate an immediate, potentially damaging situation or simply illuminate for non-emergency problems.