First time you DON'T lose a couple hours of work due to a power flicker, you make your money back.
Try saving your work every once in awhile.

I use a surge protector but no UPS. But then I also have an inline switch on the power supply cord that I throw once I've powered down my PC to *really* cut the power to it.
I hate those annoying leds that stay on all night and I've mostly cut them out (motherboard, power supply, disk drive led, even fans for god's sake, etc) but the one in the ethernet connector is built-in and I didn't want to risk munging the connector.
Occasionally if the PC gets hung up on a power up or down I have the switch available to perform what I call a "red button reset". The power switch used to be red and actually used to physically cut AC power to the unit as opposed to simply being a "power off request" button.
Throwing the switch while the PC is on can cause write back disk data to be lost and possibly munge some data on the drive but usually chkdsk (or the equivilent Dr. Watson) can fix up the lost clusters and if not you can just mark them as bad and get on with your life.
I believe that periodically pulling the PC power cord out of the wall "builds character" and shows your PC who's boss. Real men aren't afraid to simply pull the plug.