MDS,
Like the above, I don't think I'm qualified to "review" it, but I'm more than happy to share what I know about it.
I researched the APC H10 and the Belkin PF60 before opting for the H10. Both are solid units and take around 5000 joules worth of spikes before wearing out. Look at the prices for some of the Monster stuff that don't carry nearly the surge ratings of APC or Belkin and you'll see the value in these units.
I spoke with some friends from the IT world and showed them the specs on both units. They advised me strongly to go with APC over Belkin. Both are solid, but in IT, APC is considered top tier. Their only gripe was that neither unit (nor any that I could find for HT use) listed their clamping speed (i.e. how fast the unit shuts down a spike), however they said the "pass through" that was listed (assuming that's the maximum amount of energy let through before clamping) seemed adequate for HT use.
Between the two, the choice really comes to style v.s. function. The Belkin is definately the "cooler" looking of the two when sitting in your rack. The voltage display is cool looking and, I imagine, fun to watch, however it's strictly asthetic and serves no real purpose other than to impress your friends who have no idea that, stripped to the bone, these units are nothing more than glorified powerstrips.
The APC H10 forgoes the fancy digital display in favor of LED's (which can be dimmed to various levels or turned off altogether if you prefer) and, in exchange, gives you the added functional bonus of voltage regulation for about the same cost. Depending on your power supply in the area you live and how much gear you have, it's a plus or useless. I have seen my unit indicate added power upon starting up all my gear now and again. Don't really know if it makes a difference or not.
Now to the snake-oil end of things.
I've not seen, nor did I expect, any improvement to sound or picture quality. I have all my equipment plugged into the listed slots, including coax lines and phone line to the sat box. Supposedly there's different types of filtering for the different pieces of equipment
My guess is you could plug your vacume cleaner in there if you want and it wouldn't make a difference!
But hey, marketing IS marketing.
As far as protection, I don't beleive anything would stand up to a direct or near-by lightening strike. The best advise is always to unplug, if you can, during a storm. However, for the day-to day random spikes that come through, it can be very useful. There is road rebuilding accuring in front of my house right now that required moving power lines around. I came home one day and there were no signs of having been an outtage (microwafe, stove clocks all still telling correct time), however when I went down to turn on the TV, nothing happened. Then I looked and noticed the APC was off (I leave it on all the time). I hit the reset button and everything fired up without a hitch. So, I'm left to
assume it MAY have saved about 5 grand worth of equipment from a nasty spike. No way to know for sure.
Lastly, the cord management is NICE! It's much cleaner running only one power cord to the wall and all the other cords staying within the entertainment center.
Hope that helped!