I am sticking my toe into this pool very gingerly as the subject can spin off quickly along the lines of "which speaker wire is better' (DON'T ANSWER THAT).
I wanted some anti-fry protection. I found a Belkin power strip that allowed everything to plug in, including phone lines. It is rated up to 2950 joules and was $50. I ended up (God forgive me) getting a Monster 1100 power bar that was about 2800 joules because the congfiguration of the thing allowed me to hang it on the back of my TV stand. I got it for 1/2 price, but it was still too much. Lotsa pretty lights though.
They all carry some kind of "insurance", so my guess is that 1) they are somewhat effective or 2) you can't collect because of some obscure condition you need to meet.
I just sleep better knowing my equipment can withstand a direct lightning strike or a solid blow from Thor's hammer.
