Bill Whitlock wrote about MOV's dumping noise onto the Safety Ground.
I'll look for the page.
Perhaps this?
https://www.jensen-transformers.com/wp-content/uploads/2014/08/generic-seminar.pdf
Pretty much any device placed across two lines will have capacitance. A MOV suitable for use on a 120Vac probably has on the order of 100-1000pF.
UNDERSTANDING, FINDING, & ELIMINATING GROUND LOOPS IN AUDIO & VIDEO SYSTEMS
2005 Generic Seminar Template, Bill Whitlock
All MOV's are problematic i.e. they are sacrificial and degrade with use. They divert the surge to the Neutral and Ground conductors so they don't really eliminate it. Once on the Neutral and Ground the surges have new lives and a chance to do more damage. For Furman, once the current Series Mode patents expire they may be able to "improve" their version of it (by copying the newer patents) and get rid of the MOV resulting in fewer if any returns.
I would have to disagree with this as a blanket statement.
As with everything, technology moves on. While the basic MOV will "fail short", they now offer composite designs with GDT (gas discharge tube), polyswitches etc. It's similar to why they invented X and Y capacitors.
With respect to "fires", it often is not the MOV which is the issue. It is the rest of the circuit can't handle the shunted current. Poor soldering can lead to a narrow point of conduction causing hot spots. I would agree avoiding any inexpensive device with MOVs.
"Series Mode" does well to protect the equipment which is plugged into the SPD3 (surge protection device plugged into an outlet). However, it does very little in dissipating the energy on the branch circuit side. Parallel devices such as MOVs, gas discharge tubes, TVS (transient voltage suppression) diodes all work by essentially clamping the voltage, essentially shorting out the surge component above that clamping voltage.
It also generally had other/traditional components AFTER. If you measure the waveform before and after a series device, the pulse amplitude is significantly diminished, but elongated in time. Why? It's major effect is being a low pass filter with a cut off frequency on the order of kHz. A typical surge event is on the order of 1 to 100s µsec long.
It still needs to clamp/shunt that voltage/current to ground, but its less damaging to the compoents.
The most effective protection is a layered approach. Ideally your power utility offers the instillation of a SPD1 lightning arrestor. That will pass the 'lesser surges' as it's designed to react only at higher voltages yet is better able to handle a near lightning event. Then a SPD2 "whole house" device right at the head of the main circuit panel which will have a lower voltage setpoint. You can also couple it with a SPD2 for the particular branch circuit you really care about. Then have a quality "Series Mode" SPD3 at the outlet.
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