<p>How do you protect your commercial application from being installed on multiple computers from people who only own one license?</p>

<p>Do you think it's a good idea to have more than just a serial based scheme?</p>

You can always use a USB dongle if the software is worth it. Of course, all dongle manufacturers claim that their copy protection cannot be broken.
The advantage of this method is that it allows the user to use the software on multiple computers, but only run on one at a time, and it is actually not such hassle like some sort of product activation. The disadvantage, of course, is that you cannot deploy your application completely electronically. Even though you might think the opposite, actually many customers seem to accept the use of a dongle, at least in the field I work in. It's especially useful if you expect your customers to use (and also install!) the software in a place where no internet connection is available.
Edit: I overread the serial-based thing in the original question. Note that even that may annoy users more than having to put in a dongle, and it's easier for you too because neither the customer nor you have to deal with that numbers. Plug in the dongle and the app works. However, the serial-only method is by far the cheapest.