Simple surge protectors (depending on how they're build) are still useful with lightning, as long as not every (incoming) line shorts to ground when the lightning strikes somewhere in the neighborhood, because of the difference in potential (high voltage) generated.
It doesn't have to protect against a direct lightning strike (it won't), but it will protect against the high-voltage spike generated. And it will also work if you live close to a factory, where they use power-hungry electrical machinery. Although an UPS that uses a regulator at all times would be better for that (and much more expensive).
Earthing only works if it goes to a central point, and many appliances that should be earthed, aren't (like my computer, simply because I haven't got an earthed wall socket close by). And even when you have taken precautions, your neighbor might not.
So, if you do value your equipment, but don't want or need to spend money on having everything earthed with a protection circuit on all incoming cables (like, when you live in the city), it does help (if you have a decent one).
But I agree it's not a real protection, like for when you live out in the open. Then you need to do all those other things, and the simple ones become redundant when you do.
Btw, westom, nice post, very informative!