It will not prevent flickering, outages, or dips in voltage. A dip is when the voltage goes below 120 volts. A dip in voltage can cause damage to equipment too. A meter socket surge suppressor will not protect your home from a direct lightning strike. All surge protection devices will burn out after repeated power surges.
The MSA has an indicator light tells you if the components are functioning. Without an indicator light, you have no knowledge if the protector is still functioning properly.