A well designed power conditioner will help protect the expensive gear. Power conditioning generally helps to keep spikes (surge) out of the gear, helps with slight drops in power, and maintains constant voltage. It can bring all your gear to a common ground, so running phone and cable lines through it often makes a lot of sense.
I personally take my power off a 20amp power outlet to a power conditioner, and from that some equipment is plugged directly to the conditioner, while other gear sits on a 20 outlet power strip.
You do NOT want to put a surge supressor after a power conditioner, and the dual redundancy can mess things up. So, if you already have a power conditioner (which also has surge supression) on your system, you don't put another one after it. You just use a power strip.
So if you have a power conditioner, then you would plug a power strip like this into it:
http://www.parts-express.com/pe/showdetl.cfm?Partnumber=125-044
Or even better, if your space allows it, something like this:
http://www.parts-express.com/pe/showdetl.cfm?Partnumber=262-764
There are any number of power conditioners on the market from Furman, Middle Atlantic, Panamax, and of course, Monster.
Power conditioning is also built into UPS products (battery backup systems) such as those from Tripp Lite...
http://www.parts-express.com/pe/showdetl.cfm?Partnumber=125-024