I used to own a Panamax 5300, and don't recommend it for audio. I also do think that budgeting for power protection as part of an audio system is a very good idea.
The fastest way to become a believer in power protection, conditioners, and UPS gear is to have something important get fried, or to lose important work when a brownout triggers your surgebox to do a quick shutdown. In the IT world (where I earn the pay that finances my audio habit) better Surge Boxes mean CPUs and Motherboards living longer; Power Conditioners mean HDs, SSDs, and Monitors living longer; and a stable UPS means not losing work when surges/spikes/brownouts happen. The quickest way to fry a power supply or CPU is usually via the phone line. Having a UPS that can clamp your phone line in pico seconds is more often than not money well spent. When T-Storms approach, I err towards the conservative side, and unplug the wall sockets and disconnect the DSL.
At the same time, audio is very different. Devices that will protect your IT gear will also tend to adversely affect your sound.
I know this b/c when I first got into audio I connected everything to a Panamax M5300 that was advertised for audio but designed for IT. It protected the gear fine, but also absolutely killed the soundstage. Panamax makes solid gear for protecting computers and non-audio electrical devices. Their products are not so great for HiFi.
For myself, Im content to compromise sound quality slightly to extend the lifespan of my gear. Initially, I also couldnt justify spending big bucks on power protection for what was at the time mid-fi audio gear. As the gear improved so did the conditioners/surge protection.
Presently, for my mid-fi media system Im using a PS Audio Duette for the Pre/Amp; and a TrippLite LC2400 plugged into an APC surgebox for the flat panel and BluRay. For the HiFi I have 2 Transparent PIMMs for the Pre and Amp respectively, with a 3rd PIMM for the sources. (I found the PIMMs on Agon on closeout) Prior to the PIMMS I was using a Shunyata Hyrda-4, which I sold. In hindsight, I would have kept the Hydra and sold the Duette. The PIMMs provide a substantial sound improvement, and at 65% off could be rationalized as a viable purchase. :-)
YMMV, but its pretty miserable when you have to decommission a CPU due to a power hit. I couldnt imagine losing my Akurate 2200 2010 that way, and so have it connected to surge protection.