Most power strips are flagrant examples of terrible design--always conspicuous and hideously colored, they actually create more ugliness, by causing ugly wire tangles. What do you do with them? Here's a few of the best-designed power strips and cord management systems around:
Belkin has probably done more than any other company at making after-thought accessories such as power strips into decent looking objects. Here, their Conceal  ($40) and Compact  ($35) power strips:
A fun piece from Kikkerland, shaped like a battleship:
And a grassy box that serves as a charging station ($27):
Another charging station by Blu Dot , which takes a minimal approach ($129).
Blue Lounge's cable box  ($30):
Not a power strip, but the ingeniously simple Drinn wall hanger  eliminates the tangles created by wall chargers ($7):
Eubiq's recessed power strips  aren't exactly easy to install--you've got to call an eletrician--but they do tuck away your power sources. Granted, this rather silly example makes the cords more conspicuous, but the stips can also be installed on baseboards, so that wires never have to reach far and tangles never gather: