Wayne:
Thanks for your reply.
However it appeared to have missed one point regarding applicability of SPD's.
Here it is.
If a transient over voltage is induced in a system of conductors, voltage will be present across any two conductors. Each conductor is usually provided with a SPD. These SPD's are interconnected through ground connection and the SPD's become shorted together when transient over voltages are present in the power lines connecting them so that those over voltages can not pass downstream to cause damages.
So the SPD's can perform protective function even in the case you stated.
The above in red would work if we were talking about a voltage/current between the conductors in each cable but the voltage that is being induced is upon all the conductors in each cable as if they are all one big parallel conductor, in a high frequency event the impedance of wire goes through the roof as the frequency increases, so to a high frequency event these cables (network/power) become as if they are a winding in a transformer and the output is connected between the network cable (all 8 wires in a cat-5 cable) and the power cable (hot,neutral and ground) now you can see that the voltage developed between these two cables has the network card in a computer between them which is why it takes the most damage in most near field lightning events.
Here is a quick drawing of what I am talking about:
blue lines are the network path, red lines are the power path, if we start from the panel to the first computer then to the router, then to the second computer then back to the panel we create a complete circle, the current induced into this circle will only follow these paths and not have a reference to any other paths, just like in a transformer secondaries, we leave the transformer to the load through the load then back to the transformer ( a circle) but at 50 or 60 hz the circle between the computers would be a short, but to higher frequencies it will be an open just like a transformer secondaries are a short to DC but acts like an open to AC, so this is why the SPD's will have no effect because they are not in the circuit but just part of the circuit, kind of like if you had the SPD connected between the strands on one cable and even though you had thousands of volts passing through that cable the SPD couldn't do anything since it was at the same potential on both leads.
for the SPD to protect in graphic above, one lead of the SPD would have to be connected to the network cable (all 8 wires) and the other lead would have to be connected to the power cord (all three wires) on each side of the computer it is protecting. Kind of impossible in my book, this is why isolation is the only answer if the routing of cables can not be done to prevent loops, there is also a smaller loop in my drawing between computer one and the router because of both of them being powered from the same circuit, this can also have current induced into it by lighting unless you keep these two paths close to each other so they will act as one conductor in the magnetic field.
Many do not relate the high frequency nature of a lightning strike, and how it can induce currents into loops of conductors in the near field to the event, many make the same mistake you did with the SPD's and try to apply low frequency (50 or 60hz-DC) theory into the circuit when trying to understand how it works and this is why many come up empty handed at the reason our equipment is still being damaged even though we have all kinds of protection on the equipment, we must re think the circuits applying a much higher frequency theory to understand how lighting works.
Edited to add: Well the drawing didn't come out to good, as it is too small, just draw a service panel two computers and a network router in a circle, supply computer 1 and the router from the service panel and computer 2 from the service panel, then draw the cat-5 5 from each computer to the network router and you will see the circles of a complete loop that can have a current induced by a LEMP event.