It seems to me that this kind of thinking should be based on an insurance needs mentality - the same you go through when you want insurance of any kind. Even the very good UPS systems and surge protectors are no real guarantee that your equipment will be truly protected, especially if the strike is close by. They do a good job in most cases but not all. And the ones that are decent will cost anywhere between $150 and $200 and even more.
Now, lets say you buy one and have to replace the battery in it every three years or so. In some cases, the battery will no longer be produced in that time as older models are phased out. Now you have to buy a whole new unit. Even if the replacement battery is available, have you priced them? You will be surprised at how much they cost. If the UPS fails due to battery issues, faulty parts or whatever you will never really know until it is too late. And even with their $500,000 equipment warranty I would be willing to bet a whole lot of money that trying to get them to pay off would be such a hassle and so time consuming that you would get old by the time you got your money to make the replacement.
Now, consider the alternative "insurance plan". Let's say you purchase your HD1000u from CircuitCity. Why not spend the same amount of money as you would for a power protector for their four year "Advantage Protection Plan" (cost is around $170 if I remember right). This plan specifically protects you from ALL the things your UPS supports, including power surges. The warranty is good for four years, about the life of a UPS battery, and, in most cases can be renewed and (I think) is transferable to new owners.
Now, this warranty covers you in more ways than power surge protection. It covers you for four years no matter what. If anything goes wrong with the projector (short of abuse or improper implementation and hookup) just bring it to the nearest store and they'll fix it - not just power issues but any issue. If they can't solve the problem they will give you a new projector. If after three attempts you still have a problem, they'll give you a new one under the "lemon" policy. I had this happen to me on another piece of equipment and they don't fool around - if they can't repair it they give you a new one, no matter what the problem. UPS only protects you for power outage and spikes, nothing more, and then that is iffy. And here is the deal breaker that should make this a no brainer: this four year warranty also includes a bulb replacement for your projector. Now, go price one of those suckers! Other places besides CC also have these kinds of extended warranties but this "Advantage" policy is one of the best.
So, the bottom line is, based on my "insurance needs" for this piece of equipment (I'm not talking about hooking up a bunch of other stuff to protect, ONLY this projector), I can not see spending $150-$200 to "possibly" protect the HD1000u ONLY for power failure related issues. I can spend the same amount and get TOTAL protection, not to mention one bulb replacement during the period if needed. I don't know what the rules are for others, but for me that makes a lot more sense.