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Well it does filter noise as do a host of other products. The thing is though Fernand that Monster, and to be fair just about everyone else, don't usually provide much in the way of information that has to do with just how much filtering and over what frequency range that filtering occurs. Then of course, if there is noise on the AC line one has to have equipment that is susceptible to that noise.
In a general sense, you'll find that such products are likely to have their greatest potential benefit in reducing interference to your TV and dealing to some extent with minor power glitches that come down the AC and manifest themselves as audible ticks and pops. The other benefit, and not to be underestimated, is that they provide a central location for you to hook all your equipment up to. As you pay more, be it a Monster, Panamax, Belkin, APC, etc., you also get other things which may be useful - switched/unswitched outlets, sequenced turn ons, triggers, maybe a front outlet, etc.
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