I am a HUGE fan of the Refurbished APC UPS's on eBay with New Batteries. I have bought 4 of these over the past few years, and all 4 were less than 1/2 of new retail (actually more like 1/3 of retail cost) and have 90-day warranties on the Unit, and a 12 Month Warranty on the Batteries! Check eBay if you are serious about saving cash, but not skimping on performance. Buyer beware - just do your homework...
As far as I understand the consumer UPS's operation, you have a main AVR circuit that can adjust for Sags/Peaks in your AC Mains voltage w/o involving the battery. Your main outlets on the UPS are usually pulling from the Main Wall Power. The battery is charged like a regular battery charger/maintainer would do, and the battery is not used often.
Once an AC power hit is detected at the UPS, the internal Battery powers up a DC-to-AC inverter, and then the voltage is stepped up via a transformer. There is a circuit that will switch from AC "Wall power" to "Inverter Generated power" that may take up to 3-5mS to switch over (not usually a problem). Then you are on Battery Power until the UPS detects the restoration of the AC Wall Power, and the UPS will switch back to Wall Power. The UPS might also switch to Battery Power in extereme voltage sags, too - but most descent UPS's can compensate for roughly 90Volts w/o using the Battery. Be warned that cheap UPS's will output an APPROXIMATED SINEWAVE while on Battery Power - not too cool for Motors, etc. Most of the good APC units will have Sinewave outs - even while on Battery Power.
"Pro" UPS units will have the "Battery Power" portion ALWAYS online. This means the AC Wall Power is stepped down to the Battery Bank's voltage, and is converted to DC (Rectified). The Battery Bank is constantly "in line", and this DC power is inverted back to clean AC power, and stepped back up to 120VAC, and off to your Network Servers (or On-Air Video Servers and Air-Clients like at my work
). This eliminates ANY "Switch Time" as the Inverter will instentaneously recieve power from the Battery Bank once the Rectifier looses it's "Wall Power" input (Zero Switch Time).
Something like that