Mfinch -
You may be right that it is hard to get the utility to pay for a new WHSP box, but my goal is to protect my audio equipment investment, and if I can just replace a couple of hundred bucks worth of surge protection and still have my sound system, I call that a win!
Trouble is, not many folks rig up their WHSP box with full temporary isolation so they can take it out of circuit and test it to see if it still works after you think it has taken a hit. I'm "old school" and although in-circuit testing can be done, I feel more comfortable when testing just the device, unaffected by anything else.
In general, the components that provide the surge protection DO degrade over time from the many small hits they will inevitably receive, and so should be tested or replaced once or twice a decade, or more often if your area might indicate it is needed (Florida or similar?).