Sure they do, if you survive the first casting and then win the battle in one round.Anubis said:Still, protection from energy runs out, and quickly. It won't help against spellcasters with any sort of backup because they don't stop at one casting.

The way I look at it, protection keeps you at max hit points and able to devote all your actions to offense. You can unload on the enemy, hopefully put him out of commission quickly, and then not have to worry about any more spells from him.
With resist, you're not going to walk away from the first couple of attacks unscathed. If the enemy is doing big damage you'll end up heavily wounded, which means you'll want to spend actions on healing-- either a clerical action for a cure spell, or one of your own actions to quaff a potion. Either way, that's one less action that can be devoted to your offense, which in turn means that the enemy will live longer. The longer he lives, the more damage he can do.
I think my attitude on this is influenced by the fact there are 7 PCs in my regular group. With 7 actions per round we've got a great offense, but since our resources are split 7 ways we're not as individually tough as an equivalent group of 4. If we take the advantage early and mange to keep it, we do great. But if we lose momentum and start taking heavy damage, we tend to fall apart, because it takes a lot of healing actions to keep all of us in fighting shape.
I'm certainly willing to believe that resist is better in some situations, but in my experience we've always gotten better results from protection