I saw an excellent write up about winning strategies for no results pages by Greg Nudelman. Greg includes plenty of examples of what does and doesn’t work. I recommend reading it. Here is a list of some of the things that we do around the no results page.
First of all we try to reduce the number of times that the no results page is shown through the following techniques:

On the no results page we will:
As an aside – one of Greg’s examples that highlighted the “Did you mean” functionality was a Google search for asdasdasdasdasdasddfgh. If you do that search – his page is the top result (undoubtedly this page will be in the results set shortly as well).
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Sometimes we show navigation links and some help text on the no results page See this example on Etrailer. (Thanks for pointing this out Blair)
[…] I noticed that they seem to do an OR search by default. That is they show you results that contain any of the terms in your search query. For example when I clicked on one of their Hot Topics shown above the search box – Susan Boyle. I was surprised to see that there were recipe results for the amateur Scottish signing sensation. On closer inspection they appeared to be showing because there are recipe results that contain the word “Susan”. Doing an OR search like this does mean there will be more results – so you are less likely to show no results. But it also means there can be a lot of irrelevant results. I recommend showing AND results by default – that is results that contain all the words in the query. If there are no results you can fail over to show results that contain some of the words. (A previous blog post discusses more strategies for the no results page) […]
[…] And no results (see my previous post on no results). […]