At what point does it make sense to use a "smart power strip" to reduce standby power?

If I have a modern Energy Star rated DVD player that use less than 1 watt of standby power, when does it make economic and environmental sense to replace my power strip with one that cuts off the DVD player completely when the TV is off?

The economic cost is fairly easy to calculate - there are 8760 hours in a year, so my one watt device would waste 8.7KWh in a year, or around $1.30 at 15 cents/KWh. Actually, it will 'waste' less than that, since I have to subtract the time that I'm actually using the device - if I watch a 90 minute movie every night, then that's 546 hours in a year when the device is not "wasting" power since it's in use.

However, the environmental cost is harder to determine. There's some environmental and energy cost involved in making the smart strip and delivering it to me, so how to I balance than against a watt of wasted energy? The plastic smart strip is made mostly from petrochemicals, plus additional energy is used to create the plastic and mold it, as well as refining the copper for the conductors and shape them. And the semiconductors that make it "smart" must have some environmental cost to create them. And then there's the energy used to ship the power strip (from China?) to my local hardware store. And the pollution generated by all of these things.

I'd likely give away my current power strip which is otherwise working fine. But perhaps that doesn't count as an environmenal resource loss if I give it to someone who reuses it.

Further complicating things is that 4 or 5 months out of the year, I heat my home, so the "wasted" energy from my DVD player is not really wasted, it is dissipated as heat that goes toward heating my home.

So, how do I make the right environmental decision?