akg_ca is unfortunately incorrect when it comes to surge protection. A lightning bolt, or induced voltage from an EMF will happily go through most modern equipment's power supplies.
HOWEVER, some is going to be more sensitive than others. Tube amps and pre-s for instance are more tolerant due to naturally high working voltages to begin with. Tubes are easy to replace too. :) Devices with CPU's to control displays, remotes and EQ however are most at risk.
It is however up to a great deal of debate as to whether or not improving the AC signal will have any subjective effect, and many power supply designers feel that so long as the voltages are within spec (110V-130VAC) the user will not be able to perceive any difference.
Personally I find the addition of Furman's LiFT to really open up the treble. Maybe I'm high. :) I'm no power conditioner cognoscenti though,
Best,
Erik