A watt is a unit of power, and a joule is a unit of energy equivalent to 1 watt expended for 1 second. A fairly large MOV will be rated 150J, and many surge protectors will have 2-3 wired together and 3 sets of them (hot-ground, neutral-ground, hot-neutral). So I believe the 2120J rating is the sum of the ratings of all the MOVs, and it's more realistic to divide this by 3 because there are 3 sets of MOVs. The joule rating has nothing to do with the amount of power that can be drawn by the appliances because the protective devices just don't do anything during normal conditions. The better surge protectors contain not only MOVs but also capacitors and chokes to block fast-changing voltage and current as well as excess voltage, making them effective even when the voltage of the surge is too low for the MOVs to trigger.