Hello Seekinganswers,
I can help you with the power conditioner, as I have the exact same model.
That specific unit has a few different functions. It acts as a surge protector for all of the components (not recommended to plug a subwoofer or separate amp into it because of the possibility of an inrush). It regulates the voltage coming into the unit so that the connected electronics can't be damaged by peaks or dips in the power being supplied to them (mainly a concern with the power supplies of a TV AFAIK). And it is also
supposed to help "clean" the electricity supplied to the components.
I could very well be missing something, but I'm pretty sure that's everything
.
In my opinion, because of the first two features that I mentioned, I think that my power conditioner is the most important part of my setup. I would highly recommend them to anyone that's invested a lot of money into this hobby.