If you live within half a state of a major metro area, twice a day the power grid switches to different load centers (urban / suburban). That's twice a day the power to your house or buisness get a severe whack of switching transients (big, repetitive spikes).
Surge protectors can wear out from catching too many spikes. If you live in a "noisy" area, swap out those surge bars AT LEAST every year ... probably more like six months; rotate them into less-critical roles or throw 'em out.
Line conditioners have some flavor of autotransformer that can boost sagging voltages (brownouts) to some degree ... usually down to ~90 volts or so ... providing there's enough overhead on the input current to the conditioner. In addition to the autotransformers, LCs usually have better / faster / tougher noise and spike suppression. Cheapie surge bars usually only have some MOVs and chokes.... better than nothing in most circumstances.
NOTHING is gonna save you from a lightning hit (or near hit). At best, you can hope for reduced damages ... but don't hold your breath.
Good surge / noise bars are gonna keep noise from the computer's switching power supply from getting back into the line and screwing up downstream equipment as well.
If the ground or power lines feeding the surge protector are poor, the noise / surge protection will also be poor and possibly dangerous. Some bars may heat up, burn, fry, or just eat itself. My old apartment had improper neutral and bad ground. An APC surge bar nearly caught my place on fire. If I'd left on-time that day, there'd have been a fire. As it was, it just roasted itself into the carpet and made the room smell funny for a couple weeks.
Don't take the things for granted. Don't believe all the marketing material. Don't expect miracles.
If you live in or near a metro area, spend a few extra bucks and get the best power protection your budget can afford.
JM.02
Scott