Its hard to say, either place you put it will be the weak link. My experience has been that power cords on power conditioners and digital make the greatest difference, I can't tell you which one is greater. I don't agree that the power cord coming out of the wall is simply an extension of the in wall wiring, not with the great differences I've heard in various power cords going to the power conditioner.
You could also argue that since the cord coming out of the wall is the first in the chain it is the most important, it feeds everything to follow. As the others have mentioned, try both ways and see which is best.
You could also argue that since the cord coming out of the wall is the first in the chain it is the most important, it feeds everything to follow. As the others have mentioned, try both ways and see which is best.