I can't go into technical stuff cause I am a noob at that, but I can share my experience and what I use. Thunderstorms are almost a daily affair here. My modem was burnt twice, but it was replaced without fuss by TmButt. The first thing I bought was a UPS, a Power Tree brand, as my budget was limited. Should the electricity get knocked off, it allows me time to stop all torrents and shut down the pc.
A few months ago, I invested in a Belkin Home Series surge protector, recommended by Dexxy. I plug the UPS into that, and my cpu and monitor into the UPS. The main reason for choosing Belkin was the DSL protection for the modem. My pc is on almost 24/7 too, but I never leave it on if I'm out of the house for long periods.
Edit: A Belkin surge protector is a good investment, even though its pricey. I paid RM109 for my home series, at low yat plaza. It the smallest in the range, covering 19,500 AMPS.