True seeing would negate miss chance on attacks against you and would also negate the miss chance on targeted spells against you. You still only take 50% damage from area spells and the rest of the move in any direction effects are still in place. (I'm assuming you are the one blinking here)
Incorrect as a blanket statement.
You "blink" quickly back and forth between the Material Plane and the Ethereal Plane and look as though you're winking in and out of reality at random. Blink has several effects, as follows.
Physical attacks against you have a 50% miss chance, and the Blind-Fight feat doesn't help opponents, since you're ethereal and not merely invisible. If the attack is capable of striking ethereal creatures, the miss chance is only 20% (for concealment).
If the attacker can see invisible creatures, the miss chance is also only 20%. (For an attacker who can both see and strike ethereal creatures, there is no miss chance.) Likewise, your own attacks have a 20% miss chance, since you sometimes go ethereal just as you are about to strike.
The only time you have no miss chance is if both the attack can strike ethereal creatures AND the attacker can see ethereal creatures.
If you swing a sword at the blinking creature, even with Truesight, you will have a 20% miss chance as the blinking creature pops back and forth between planes. Unless an attack specifically says it can target and hit an ethereal creature, Truesight still suffers that 20% chance.
Yeah, you still have the miss chance because the creature is moving between the material plane and the ethereal plane very rapidly, blinking back and forth as it were.