I'd like to add a few thoughts if I may. And FYI I'm an electrical engineer who works for a utility company.
-Surge protectors do offer added protection for connected devices to a certain degree. Obviously you should start by looking at the ratings. The higher the UL of a surge protector the more protection it offers. However, equipment with a higher UL ratings generally have shorter lifespans than those with a lower ratings, so you would need to replace your surge protector more frequently. Also, look for an MOV-based protector (compared to a GDT protector) . The MOV responds faster than the GDT, offering better protection.
- Like most other products there are a lot of overpriced brands that claim to offer some sort of added protection that really isn't needed. There are differences between $7 and $50 power strips, but not so much between $50 and $200 strips.
- Surge protectors protect from more than just lightning and other outside events. If another piece of equipment on the surge protector or the wall outlet shorts it could save everything else plugged into that strip from being toasted. Your fuse/breaker panel provides similar protection, but a surge protector can add another layer to it.
- Regarding the lightning issue, if there is a stroke of lightning in the immediate vicinity of your house, it's possible that a surge protector may not save your devices. A surge protector works by diverting the path of electricity to a controlled area when the voltage or current gets to high. This process can fail if the surge has enough energy though, and a lighting strike right on your house could do it.
- I'm calling BS on the story above, a lightning strike from that far away on a modern electrical system would not blow out several devices. I'm not denying the devices blew out somehow, but no way it was a lightning strike from miles away. Unless they've been stolen (common problem), there are grounds generally on every five utility poles that provide a path for the lightning to reach the ground so it doesn't fry everyone's homes.
-Finally, I've had clerks at two different Best Buy's tell me I needed a more expensive power strip to provide good voltage to my electronics because the voltage you get from the utility company is bad. This is ********. The voltage you get is fine, federal law says it has to be. Buying a surge protector that promises to improve voltage is a waste of money.
I hope some of that was of some help.