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Paully built one, I watched. He used it for a while and hopefully he will chime in with his impressions.
His used two inductors, one each in the hot and neutral lines. These should remove any high frequency noise in the line. Since inductors buck a rapid change in current these inductors should fill in minor notches as well as strongly attenuate any spikes riding on the 60 Hz. Like the inductors block high frequencies the caps from hot to neutral shunt high frequencies. All of this is a good thing for filtering the power to your/our system(s).
The wooden case is new to me. I'm guessing, without reading the link, that it has to do with magnetic coupling of noise.
MOVs are sacrificial devices. I'm not for fusing them since they are extremely cheap and it is obvious when they have been hit. An over voltage puts a hole in them. I've seen an MOV that was nothing but the lead wires, the whole disk was sacrificed!