I have the Ilium bars front and rear. They will protect the bags and fairings in a no/low speed drop....IF certain conditions apply. If you're near a curb, for instance, it is higher than the bars when the bars hit the asphalt. No bueno. Or, if you're on a side slope and need to put a foot down on the low side. If it's too low and you can't reach, the bike falls, and with it falling "downhill" or down-slope, if you will, the bike can pick up momentum and roll beyond the bars, or over the bars, and the the mirror of fairing or panniers or even the top box can get scratched. For the best protection, I suggest the biggest, ugliest bars you can find that wrap up the fairing. And even then, conditions at the drop may still overcome the limits of the protection. But, most bars protect against broken plastic or internal metal mirror mounts and such. Scratches, on the other hand, are likely to occur unless it's just a flat garage, drive, parking lot etc. Bars will reduce the scratches most likely and eliminate many from happening; just not all. I added the protection film to aid in resisting scratches. If you don't like scratches, and want to repair, you're likely ordering a new component from the factor anyway. I'd get the bars that look the best to you, and are at the price point you like. It's a heavy bike. You will drop it (more than likely).
Oh, nothing protects in a sliding crash. Things will bend and break and scuff.