I worked 26 years in Instrumentation in industry, went to college, earned a degree (BS in CS - Has a nice ring<:-)) ) and worked 7 more years before retiring as a Computer systems project manager for a large multinational chemical corporation. I worked with computers from the days when they loaded the program from paper tape after punching in the machine code monitor from the front panel buttons and they contained a 16K or 32K memory bank that looked like a bad backlash on a bait casting reel called "core memory".
Here at home I'm also an Amateur Radio Operator (Ham) with a large antenna system. The first 5 years That tower and antenna system
http://www.rogerhalstead.com/ham_files/Tower29.htm took about 3 verified direct lightning strikes a year. There were two the next year and none since. The neighbors used to call it the neighborhood lightning rod. (It was a 130' to the top antennas).
http://www.rogerhalstead.com/ham_files/tower40.htm
Two points. The number of strikes were visually verified so that 17 is a minimum number. Also there was no damage to the tower, antennas, or any equipment in the house. There is a very elaborate ground system for the tower, house, and shop.
Now as to the use of MOVs. Yes they can work, BUT they have limitations. Each MOV is good for only so many jouls of energy. Even a little voltage spike degrades them a little bit. Each MOV is made up of thousands of tiny metal oxide diodes. A spike exceeds the the break down voltage and the device conducts while sacrificing some of the diodes. That means the break down voltage and capacity is now just a bit lower. How much lower depends on the voltage and energy in the spike it just swallowed. Actually the device starts conducting at a given voltage and as the voltage rises it conducts more. (more diodes are conducting) It is after all a Metal Oxide Varistor or in plain language it is much like a resistor that goes down in value as the voltage goes up. IE the higher the voltage the lower the resistance and the more current that is conducted so it quickly reaches a point where the device acts as if it were a dead short across the lines. That *usually* destroys the device and hopefully protects what ever it was *supposed* to protect
The second point is the grounding of the protective strip. The best protection is a combination of what is called a "single point ground" AND a substantial protective device at the service entrance to the home. The idea of the sol called "single point ground" is to have the voltage on all electrical lines (including phone, TV, cable, and antennas ) rise and fall together whether from a voltage spike coming in on the power lines, or voltage induced from a nearby lightning strike.
I seriously doubt that any protective outlet strip, or UPS exists (for a reasonable price) that could come any where near protecting a home from the full fury of a shorted transformer. Depending on the transformer it likely was at least 12 KVA or even 24 KVA. That is a LOT of power, and far beyond the capabilities of these outlet devices. OTOH Ground Fault Detectors *might* have helped prevent a major disaster such as fire, or electrocution.
Another problem with the outlet protection is improperly installed, or installed with an inadequate ground system they can make the problem worse instead of better. This is probably one of the reasons the protective outlet strips are losing favor with computing systems.
As for lightning there is no 100% sure fire protection. The only thing you can do is improve the odds in your favor. Lightning is unpredictable and not all lightning is created equal. It varies from the standard to the super strike that even blows holes in airplanes. Fortunately the super strikes are rare.