"Noisy electrical environment" can also refer to a situation where there are many signals running around in close proximity to one another. A radio or TV studio, for instance. Balanced lines are inherently better at rejecting such "proximity" influences.
Power conditioning can indeed be useful, particularly if you have reason to believe that there is stuff other than power coming in on the lines. I think that is a safer bet all the time, but finding it and quantifying it can be extremely difficult.
"Ground loops" generally refers to a situation where a piece of equipment has more than one ground reference connected to it and there is a significant difference in potential between them. For instance, a piece of gear may have a safety ground through the third wire on its AC cord, and a signal ground through its interconnection to another piece of gear. If the potential difference between them is other than "zero", one or another piece may see that difference as a tiny signal Voltage and process it as such. In the case of audio gear, that most likely manifests itself as hum. On a video monitor, it might show up as "hum bars" rolling vertically through the picture.
Unfortunately, the potential difference between various "grounds" may be caused simply by the length of the paths they take back to common points. On the brighter side, though, it is usually easy to control this in a typical home hifi setup through simple steps like having all the AC cords plugged into a single power strip. Every set-up is unique, certainly, but I haven't run into a grounding issue yet in a home environment that wasn't ultimately solvable. Even with unbalanced signal wiring. OTOH, as installations grow in physical size, it is perfectly possible to have ground loops even when balanced signal lines are used. In those cases, the use of transformers is usually essential.
Yes, it is indeed a big subject.