You can also just use an anti-leeching system, which some webhosts even have built-in. This essentailly says "if the referrer is not coming from this site, feed them a broken image or something insulting". They occasionally cause problems with people with firewalls, but generally work passably well.
My favorite image leech was annoying not for the amount of bandwidth, but for the brazen copyright violation of it. There are some simple drawing lessons up on my site, and an idiot on eBay was selling a "how to draw" manual of some sort that clearly must have consisted of just text ripped from my and probably a couple of other websites. The amazing part was that the moron didn't even bother to copy his "sample" images and host them himself--he just direct linked to mine.
So, I had a little fun replacing them with a notice identifying the auction as fradulent and telling people where they could get the same info for free. I also tried to go through eBay's intellectual property abuse system to report it, but it's absurd the paperwork hoops they make you jump through to report flagrant violations, and nothing ever came of it. I probably didn't send the form on carbon paper filled out on a typewriter in triplicate or something.