Not everyone would want this, but I thought I would share anyway...
I created a simple plugin which checks the IP address of visitors accessing the signup form. If they don't originate from a country of your choice, they receive an error message.
http://wpmudevorg.wordpress.com/project/Limit-Country-Signups
I wanted this because I only wanted my site to be used by people in NZ to keep that 'niche' feel. And I was getting heaps of splogs from overseas.
If you're not in NZ you can see the plugin here: http://blogtown.co.nz/wp-signup.php
(by the way... I know it's not fool-proof, but it works well enough.)