While RRRAAAYYY2 is right about the fuse not preventing voltage spikes, a fuse is meant to protect against current not voltage.The voltage aspect is regualted internally on 3g alternators, and if the voltage regulator fails you are unprtected without a fuse. And while alternators create AC current, it is recified via a series of diodes to produce an DC output.
It is the current that lets the smoke out. Failing internals of an alternator and a sudden short on a highly taxed electrical system could let a lot of smoke out.
Wheeling at night with off road lights and heavy winching, with electric fans and fuel pumps on top, you may very well be approaching well over 100amps. And like most people, our electrical systems are one of the last things on our to-do lists, and they are often neglected and hacked and spliced together as is.
Bottom line is, there is no downside to having a fuse, and no upside to running without one.