I don't think lights mean squat, they are not a indicator on most strips and I have never read that anywear except for Tripplite but maybe things have changed in the last few years.

My APC surge strip was brand new, the one that almost burned my home down. MOVs simply can't absorb massive surges. As for saving money, I would have considerably more to replace than a reciever. I consider the $800 usd I spent on 4 Brick Walls to cover over $20,000+ worth of electronic a small price to pay.