With my setup, I have the AV rack in the corner with my PS3, receiver, and cable box on the shelves. The cords run out back and plug into the surge protector beside the rack, with my woofer on the other side of the power strip. So it goes AV rack, exposed surge protector, then woofer.
For a brief period I had my old PS2 on a cart in front of the surge protector, but have since relocated it. The way my theater is configured, I'm not sure I could move the AV rack enough to allow for the surge protector to be hidden behind it.
I suppose I might be able to relocate it to the free bottom shelf on my AV rack. That might work, although I'd still have the cord from the strip and woofer exposed. But two cords running along the baseboard would look a whole lot better than however many sticking up out of the surge protector.