Reviving an old thread to share a few things I've learned while researching this. We bought an old house in Philadelphia and had the logic boards go out on a couple of appliances, and started to realize the sheer number of electronic things that are at risk, including big expensive stuff.
I'm about to install a Siemens FS140 at the panel, but plan to still use point-of-use suppressors for expensive electronics. Here's why:
There's a critical metric with suppressors that manufacturers often hide deep in the spec sheets: clamping voltage (also called voltage protection rating, or VPR). This is the maximum voltage that the suppressor will let through. The number is typically higher than you'd hope .
In fact, the lowest VPR you'll see on any suppressor is 330v. For whole house units, it's higher. The Siemens FS140 is rated at 600v, which is the lowest of any whole-house suppressor I've found. But that's still a lot of volts! It's easy to imagine it causing problems for more sensitive circuits downstream.
Cheap point-of-use suppressors are typically worse. Often over 800v. But some of the better brands (like APC) make ones as low as 330v, and these are typically mid-priced, like in the $30–$70 range.
The other important metric is the maximum amperage. Cheap suppressors list energy instead (in Joules); for whatever reason the commercial units use amps. The FS140 is rated at 140,000 amps, which would also correspond with a high joule rating, if they bothered to give it.
So it makes sense to use something like the Siemens unit as the first line of defense, to divert surges that would turn your point-of-use suppressor into a fireworks display. Then you can rely on the POU suppressor to handle lower voltage surges, or to bring the big ones down to a more manageable 330v.
Other considerations: how many phases does it protect? Cheap suppressors are generally single-phase, meaning they divert surges that occur between the hot and neutral wires. Better ones are 3-phase. They also handle surges between hot and ground, and ground and neutral.
Despite all the hype surrounding series-mode suppressors, like the infamous Surgex tested by Amir, these are all just single-phase. I've read that most surges do occur between hot and neutral, but I have no idea how rare the other kinds are.
Since MOVs are mortal, the best suppressors stop you from using them when they're burned out. The FS140 has alarms and flashing lights. Some POU suppressors are designed to just stop letting power through when they die. These features are worth considering.
Also: I'm not convinced by the recommendation to just let homeowner's insurance take care of the problem. This would work if you had a catastrophic surge that friend many things at once. But my understanding is that much surge damage is cumulative. It can manifest as your dryer stopping working for no apparent reason one day. You'll never know for sure if it's from cumulative surge damage, so you really can't make a claim. Also, when things die one at a time, they'll probably fall below your deductible.