1 - StronglyTypedEnum.cs

public class MyEnum
{
  public static readonly MyEnum Value1 = new MyEnum("value1");
  public static readonly MyEnum Value2 = new MyEnum("value2");

  readonly string name;

  MyEnum(string name)
  {
    this.name = name;
  }
}

2 - SlightlyBetterExample.cs

public class Country
{
  public static readonly Country US = new Country("US", "United States", "USD");
  public static readonly Country GB = new Country("GB", "Great Britain", "GBP");

  public string CountryCode { get; private set; }
  public string Description { get; private set; }
  public string Currency { get; private set; }

  Country(string countryCode, string description, string currency)
  {
    CountryCode = countryCode;
    Description = description;
    Currency = currency;
  }
}

Obviously, you need to override Equals, ToString and what-not to make it actually useful.

This example doesn't give anything over a real enum, but it's a lot more flexible. My current example is adding a "value" that's something other than an int. Throw in some operator overloads and it can be quite tasty.

https://gist.github.com/823834

This way you don't need to override Equals nor GetHashCode.

You still have to override string, but it's supposed to be easier.