Remember that with TV's and receivers, especially high-end ones, draw power even when they are turned off. Therefore if you have a brownout or power outage there is the change the equipment could be damaged.

I've got a 50" TV, Receiver, Xbox 360; and I run it through a heavy duty surge protector, but a UPS wouldn't work for me because of how much power everything draws. When a storm comes I completely unplug the surge protector so I know no power is connected, it's the only way to be 100% safe.