The problem is most surge protectors either don't have enough surge protection (not enough joules) or are too slow in responding to power problems. Usually, you're looking at the $75 mark at least for good quality. Those that have an insurance plan ($10,000 for instance) are usually of decent quality. The best option would be a UPS, but not eveyone has space for one.

I'll admit to being underprotected right now. My old entertainment unit had a good protector I mounted in it. But my new TV wouldn't fit in the old unit, so I gave it (including protector) to a relative. Now, everything is just on a splitter which is plugged into one of those Leviton surge-protectors-in-an-outlet. I keep meaning to buy something better... :-)