It should protect your equipment, but as mentioned, it is safer to just unplug the equipment during severe electrical storms, especially if you are using solid state equipment. I believe that Monster has a $50,000 warranty if your equipment is destroyed due to surge protector failure. However, I would not rely on that, but just the fact that they mention it presents a feeling of reliability and certainty that the surge protector will not fail. It also got good reviews from Soundstage magazine.
http://www.soundstage.com/video/revequip/monster_hts800.htm
http://www.soundstage.com/video/revequip/monster_hts800.htm