I do have two strips chained off a larger one. However, the way I control the power to everything is really quite easy to manage. I use a smart strip as the main source the others are fed from. The way it works is that power isn't applied to the other strips until whatever plugged into the master outlet on the smart strip is turned on first. For me that is the TV itself, since I can't play any games without a TV being on.
So.. I hit the remote on the TV and once it powers up fully, the rest of the strips all kick on as well. This way I'm only eating up power when actually playing any games and I can switch to any console I want by simply changing the AV source since the power is already connected and powered up with the TV.
I use these smart strips all over my house...on mine and the Wife's computer, home theater, and the game room.
I have a 2500sf house with two AC units and 2 gas furnaces. My average electric bill in the winter is about $50 per month, and the average in the summer is about $100 with the AC units. In other words, the smart strips really kill the vampire power in a simple automated manner for me since everything is controlled by simply turning on the tv.