The best power conditioners can filter nearly everything out of the incoming AC power leaving a sine wave with distortion under 0.5%.
The 5th harmonic of the AC line voltage is one of the more pesky problems of dirty power. Most high end audio conditioners can't get rid of it. The PS Audio units can, but they are limited in how much power they can handle.
One conditioner that really does do the job right was never offered to audiophiles- it was for commercial industrial applications and was made by Elgar. It used a massive isolation transformer that was also equipped with a feedback winding. There was a high powered amp in the conditioner that used a feedback signal from the output of the conditioner, compared against a low distortion 60Hz oscillator. This feedback signal corrected not just distortion but also output voltage. So the unit could keep AC voltage constant and low distortion.
So far the capabilities of this conditioner have not been equaled in high end audio; one of the more common Elgar models is the 3006, which could run 28Amps continuous. You can still find them and smaller Elgars on ebay but they usually should be refurbished before use.