I got the same problem.
Banning email, limited country signup, disable registration, delete the wp-signup.php, de-integrate bbpress, delete bbpress, use re-captcha, use signup question, upgraded to the latest version of wpmu, all of them can't stop splog :(
One of the splog signed up at my site is using the IP 65.171.115.141 so I looked into the access log...
65.171.115.141 - - [05/Oct/2008:08:05:09 +0700] "GET /wp-activate.php?key=365b3fcc9ef07937 HTTP/1.1" 200 3769 "-" "Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)"
65.171.115.141 - - [05/Oct/2008:07:57:13 +0700] "GET /wp-activate.php?key=ec73c40f3b6383ce HTTP/1.1" 200 3662 "-" "Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)"
65.171.115.141 - - [05/Oct/2008:06:23:44 +0700] "GET /wp-activate.php?key=5480009380c6b987 HTTP/1.1" 200 3653 "-" "Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)"
65.171.115.141 - - [05/Oct/2008:06:06:31 +0700] "GET /wp-activate.php?key=f94ac39405a650f5 HTTP/1.1" 200 3653 "-" "Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)"
65.171.115.141 - - [05/Oct/2008:05:46:52 +0700] "GET /wp-activate.php?key=701003000c6114ae HTTP/1.1" 200 3653 "-" "Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1)"
The IP address 65.171.115.141 just make directly access to the activation link, no referrer, no prior path.
Sorry for my bad English.