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You need some kind of protection over a $10 powerstrip/surge protector for your gear, but $350 is ridiculous. Monster products, for the most part, are highly overpriced.
I would 2nd the vote for Panamax. You can get great surge protection for less than $100 and get a ridiculous connected equipment guarantee (usually over a million dollars) so if anything gets fried while connected to it, they'll replace it.
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