most brand name filters with surge protection (MOV mostly) comes with sufficient protection (for they have to be at least UL certified) without the risk of fire of severe breakdown (shorts, etc.)
3 things of note:
Any AC line rated capacitors must be "X" or "Y" rated, spec'ed to 280VAC operational voltage, with the following characteristics:
X-capacitors: typically used across the line; Y-capacitors used from line to chassis, typically with higher values to that of "X" capacitors.
They both possess self-healing properties w/o developing shorts, which would risk electrocution or fire (fundamental properties of AC line rated capacitors).
Capacitors (X, Y) are primarily used for HF filtering in this case.
@djb: AC line filters will not slow down the rise time of a spike. It's main/sole purpose is to filter noise above 10MHz and higher.
Lastly: every successive "spike" that a MOV intercepts will degrade it's service life a bit, and until either (a) a seriously large spike comes along and burn it out or (b) the degradation of MOV over years of successfully handling smaller spikes has reached it's end of service life, then a good MOV (high quality ones, such as those made by Siemens or Matsushita/Pana) will burn "open", while cheeper ones mostly made in China or some Taiwan stuff with develop a short.
So long as (a) you don't live in an area prone to frequent voltage spikes, such as living near the vincinity of an industralised section; or (b) you don't live near to a thunderstorm area, typically MOV built into average home appliances including power bar, should last an easy 3yrs+ before they die off (mostly due to MOV shorts).
For those who live close to the industralised section or prone to thunderstorms, I'd strongly recommend the installation of a breaker panel type surge protector to protect the entire house:
e.g. Cutler Hammer makes a full series of breaker panel based surge protector (search ePrey):
http://www.ebay.com/itm/CUTLER-HAMMER-EA...=item3ccc042be5
@ JHZR2: my strong advice is not to touch or modify anything you don't know, including surge protectors typically comes within a power bar or built-in to home appliances. The risk is high and you can easily electrocute or burn down the house.
Q.