I would have to agree that country would be specific enough.
Some of my clients are being plagued by pirates using stolen credit cards to buy online content then ripping off the site and posting content on file lockers to gain commission payments.
Invariably the ‘pirates’ have been detected as using IPs from Russia, Hungaria and other former Eastern Bloc countries.
I have implemented mod_geoip on servers for other clients and it works well in combating this criminal behaviour as it makes the site rippers use proxy servers outside of their domestic country, significantly increasing download times and effort for them. We have seen significant drops in piracy by being proactive this way.
On Dreamhost we currently have to set, and maintain, individual htaccess files with lists of country-specific IP addresses for each domain to obtain the same effect.
So please Dreamhost, reconsider and let us all have mod_geoip Lite installed.