There have been some seriously heated discussions about surge protectors. Personally, I feel they are a small part in overall electronics protection, and aren't much good at much more than providing a bunch of convenient outlets. Good grounding is an absolute must, with a direct circuit to the breaker box if possible.
As for the circuit breaker, that will do a fine job in protecting the wires, but it adds no protection to anything else hooked up to it. Better protection would be provided by a fuse, fast or slow blow depending on your equipment. It's more of a hassle, but it'll be a lot faster than a circuit breaker.
Pagan