I have one from our provider - Progress Energy -- $40 installed and $4.95 per month. They state the meter won't protect everything because, IMO, they want you to buy their secondary devices for sensitive electronics, etc. I have that covered in power devices for the equipment. For me, it's a peace of mind -- my neighbor had a direct hit to a pine tree in his yard a year or so ago -- lost one HVAC unit, all TV's & satellite receiver(s), a MW and just to show the power of mother nature, one corner spot light was "blown" from the mount on the corner of his house, 75 feet away.
Here is their FAQ/answer to your question:
Will the Meter-Based Surge Protector protect all my equipment?
No, not by itself. The meter-based device offers excellent protection for non-electronic equipment such as dishwashers, washing machines, dryers, refrigerators, freezers, non-microwave ovens, air conditioners and pool pump motors. While the meter-based device offers protection from powerful surges, a small portion of a surge can still pass through interior wiring, where it can damage sensitive electronics. For these sensitive electronics we offer our premium plug-in protectors which are up to six times stronger than some found in retail stores.