Does power conditioning really matter?

I would not have a problem using a descent conditioner on that system. Pretty safe way to go. OTOH, as you start to build a hi rez system the conditioner can get in the way of transient speed. Budget conditioners can kill the music.
A crappy surge protector more than likely will be worse. At that point I would plug directly into the wall.

Jlineer, don't waste time on the old product like the PS Audio Ultimate Outlet. If it doesn't improve on the audio or on your friend's plasma, doesn't mean the latest models from PS Audio do not provide improvement as well.

The latest models are MUCH improved over all the old models. The Duet was well worth the money at $399 when it first came out a couple of years ago, with the current sales price of $199, it is just a no brainer. The Quintet with 10 outlets is now on sales for $349 which make it a even better deal.

Yes, power conditioning and surge protection does matter. Buy the best piece that you can afford.

It does matter to every objective person out there once blind listening tests verify what engineers are skeptical l(strongly) about : that a difference can be heard.

Speakers, yes! Cables, power supplies...not verified scientifically. Hey, faith still exists!

i have a mid-fi system at best and a belkin pure av power conditioner and it, absolutely, without question, i ain't playin witchu, makes a huge difference. now, does the quantum symphony improve the system? hard to say.
ps. i also have dedicated lines to the system.