A line conditioner is good for filtering out RFI and EMI, in addition, most will provide for isolation of components from each other. The benefits of this are not always needed, but the surge protection that's built into them can save big bucks when there's a nearby lighting strike.
To use 220VAC balanced power, you would have to have a dedicated outlet to plug your stepdown transformer into. I don't know the electrical codes governing this, but if I needed such a setup, I would do it regardless of the codes. "I Don't Need No Stink'in Codes!!"

[This message has been edited by soundhound (edited January 03, 2003).]