Okay, maybe making it blink is going too far, but drawing attention to it seems to work. Call to arm: Suggested edit queue was posted earlier today, and the edit queue dropped from 200 down to 100 in about an hour. (So the problem wasn't that users with the power to approve edits were out of votes, they simply didn't notice that the queue was full.)
Instead of relying on extremely localized posts on Meta to draw people's attention to suggested edits, maybe this could be automated. Can you change the color of the indicator from brown to red when the queue reaches (or as it approaches) capacity?