Thanks to Mano for the correction on the distinction between conditioners and regulators.
On the chain of power strips... it all depends. Obviously, you're going to get better protection from a better (and undoubtedly more expensive) solution... Power strips can provide basic overload protection -- but they may not respond fast enough to rapid transient power spikes that might not trip the strip's circuit breaker but could damage delicate circuits in your gear.
One of the main safety things you have to worry about, of course, is exceeding the carrying capacity of any one link in your chain. If you have 5 power strips plugged into one and each of those secondary power strips is carrying, for argument's sake, the max amount, that means that the primary power strip they're all plugged into is now (assuming it's got the same capacity as the others) carrying five times its own max.
Most power strips have some kind of circuit breaker built into them but they do go bad (when your power strip's 'pilot light' goes from a steady light to blinking it's an indicator that it's time to ditch that strip and buy a new one.
[img]http://bluetrip.com/images/brian-damage-nu-2s60.jpg[/img] TK
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