To comment on Qiaochu's answer, one can show that all such factorizations come from mixed radix representations (different bases, factorial base etc.). That is if $$\frac{1}{1-x}=P(x)Q(x)$$ then there must be a sequence $1=a_0\le a_1 \le a_2\le\cdots$ so that $a_i$ divides $a_{i+1}$ and disjoint subsets $A,B$ with $\mathbb N=A\cup B$, so that $$P(x)=\prod_{i\in A}\frac{1-x^{a_{i+1}}}{1-x^{a_i}},Q(x)=\prod_{i\in B}\frac{1-x^{a_{i+1}}}{1-x^{a_i}}.$$ The proof is simple, suppose $P(x)=1+x+\cdots x^{a_1-1}+\cdots$$P(x)=1+x+\cdots +x^{a_1-1}+\cdots$ then $Q(x)=Q_1(x^{a_1})$ and $P(x)=\frac{x^{a_1}-1}{x-1}P_1(x)$. Then we proceed by induction.