surge protection

Just having bought two new flat screen tvs, on a 46 inch, I was wondering if the current surge protector power strip is good enough, or do I have to shell out big bucks for something that does the same as my $12.00 Lowes one? And if so what are the differences? Thank you.

i have the monster one but then again i got it for free when i bought my tv, its awesome but if i wasnt to get it for free i wouldnt buy it cuz it costs $100