Hey there kugumby,
As far as PowerStrip goes, I have used it mostly for alignment and overscan issues. I'm using a Radeon X600 video card to a Mitsubishi 52725 DLP via VGA cable. Overall, it looks pretty good, but without PowerStrip, I had a lot of overscan wherein things were lost over the edge of the screen. PowerStrip allows me to modify settings so that rather than sending a 1280x720 signal, it's at about 1200x666. This works pretty well, for the most part.
Now, inside of PowerStrip, if you haven't used it much yet, you will find a bunch of numbers, most of which I don't (at least fully) understand... I got most of my settings from browsing the AVSForum for anything to do with my TV and PowerStrip. It seems like the video card isn't as important to PowerStrip as the TV is.
So it's working OK, but I still have at least two issues, I think. First, I can never get the PC to sync all the way to the top of the TV. That is, there's always about one inch of black at the top of the TV, and it rolls off the bottom of the screen in about the same amount. The sides are pretty close. Also, there seems to be some issue with the TV where there's a bit of a dip in the picture -- it's not square across the TV, but this appears also when using Dish or DVD.
I also get some jitter on the picure, especially when panning or when the credits are rolling. I think this is resolvable with PowerStrip, or perhaps with a TV calibration (less likely, IMO). I thought maybe it was because of network latency, so I pulled a movie to my local machine before playing, and I get the same behavior. It's not too bad -- my wife doesn't really notice unless I point it out and replay it -- but it's annoying to me.
I'm going to call the TV calibration guys out one of these days, and see if I can get them to take care of the alignment issue and the pincushion thing.
Are you using a DVI cable to the TV? What kind of TV, signal type and how's it look?
-- Otto