Transactions with more than MAX_SIGOPS sigops should not be added to the memory pool, because they can (obviously) never make it into a block.
Probably a good idea to DoS-disconnect clients who send you such transactions, too....
Thanks to makomk for finding this on testnet. This would only be an issue on main-net if you were relaying/mining non-standard transactions or running an updated git HEAD or OP_EVAL backport which defines CHECKMULTISIG as a standard transaction type.