Surge protection strips are nothing more than glorified extension outlets with flashy lights.
Although, the ones that say $XX, XXX equipment coverage can be good if you are prepared to jump thru all the hoops. We had a Tripplite surge protector for the office equipment and registered the product when we got it installed. When we had a problem (BIG surge due to Hurricane Isaac last year), they covered the damage to the computer. I had to supply a wiring diagram and sign some papers, but they did cover the repair.
