Surge protectors aren't necessary for iMacs, but they are a good idea. In addition to surges, other electrical problems include brownouts (e.g. construction work down the street may cause a temporary drain in power supply) or total sudden blackouts.
An interrupted power supply (battery with surge protection) will provide a constant flow of power to your electronics. In case of a blackout, the battery will provide power to your computer/monitor to ensure you have enough time to save your work in progress, and do a safe shut-down of your machine.
I have an APC UPS attached to my Mac Pro and monitor, and it has saved me a couple of times when blackouts happened. I also have a UPS attached to my HDTV and entertainment system.
Surge protectors and UPS are like insurance; 99.9% of the time you don't need it. But when you need it, you need it.