Nothing to worry about, Rob. It's normal. I have nearly 1200 members and have 78 awaiting activation. Some people register out of instinct or a feeling of obligation and just never activate. Some end up having the activation email go to their spam folders and maybe a small - very small - percentage get lost in the Ether. There's nothing you can do about it.
I did install a modification for a client recently that he seems to think has increased his registration rate, as well as the activations. It's the Welcome Headers mod found on vB.org. It's easy enough to install, but takes some innovative configuring, which is actually just some creative writing for the various headers. There is one header though, the main one that is visible to all unregistered users, that should be turned into an image (you can make an image appear as text and even map certain points/words of it to be clickable). This keeps the content:code ratio favorable and prevents the same old welcome message from being added to all your search engine indexed pages.
Sorry, drifted a bit off-topic.
Jim
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