I had very limited experience with true on line, perfect sine wave, UPS. I wanted it to protect my AV receiver, BR player, HD PVR, DVD recorder and LCD TV for the same reason as you mentioned. I also wanted to eliminate HDCP errors which I get on my HD PVR from time to time.
Unfortunately my experience with online ups wasn't a good one. Probably due to wrong choice of equipment. Firstly, ups cooling fans were far to loud for living room - although they are supposed to run only during battery charging. Secondly, after few minutes of use (or sometimes few seconds) UPS tripped my earth leakage in main board -so no power in the house. It was battle like that for two days, then I decided to return unit and fortunately got my cash back.
I am not saying this unit was bad or had a fault. It was most probably me at fault, buying gear more suitable for server room than recreation area.
Support guys from company I bought UPS from, told me power points for on line UPS shall be wired outside earth leakage circuit. This requires mod to house wiring by qualified electrician. Hope my 2c helps.