Basically there are 3 levels of surge protection:
- Direct lightning strike, Type 1.
These things are fucking huge, think 19" cage filled with biggass MOV's and spark gaps.
- Normal building ones, Type 2.
These you mount in your fusebox and protect the feed it is on from high overvoltages, but not direct strikes.
They are the size of a large current breaker.
- Plug-pack of socket strip type ones, Type 3.
The only protect the device directly connected to it.
These you also have for phone line, ethernet, etc.
In some countries having type 2 is mandatory, I have one here because I can, my electrician didn't know they existed (sigh).
Type 3 isn't very useful without a type 2 nearby, they can't protect against a lot of power (since they are small).
Keep in mind they they need a really good ground connection to be effective, if they can't short high power to ground they won't do a thing.
Besides the types you have ones that protect phase/neutral separately to ground and types that protect them to each other and then to ground.
The difference between them is not that huge, the second type usually has a lot lower activation voltage on neutral, but most devices can have mains voltage on the neutral without problems so that doesn't really matter.
The type 3 ones are always the first type, simply because you can't count on the neutral being on the correct pin, type 2 ones are mostly the latter.