geotargeting has been a buzz for a few years now, especially when it comes to adult traffic and peeling off all your unbillable traffic to send it directly to a dialer or loading up low rez versions of your sites to countries that are known to be on dial-up only. Its brillilant if you have the time to set it up and maintain multiple tours. The only issue with geotargeting is maintaining databases of the current IP distributions, but like you point out it is easy enough for sites that maintain .com plus .com.au, .ca, .co.uk, etc versions of their sites. (oh, I wish I had money & time to do this too!)

One easier thing to do is to pickup the language from the surfer's browser and offer multi-lingual versions of your paysite....just make sure to always have links to the other languages on your tour pages just in case!

cheers,
Luke