You have got many nice LaTeX answers, and hopefully resolved your problem. Let me give you one possible (partly new, tuning in progress) way to handle this in ConTeXt. (It will not help you in this case, but another TeX.SE user asked me to add it here. Maybe we will see something similar in LaTeX in the near future? And maybe it will help somebody else?)
As others have pointed out, extra space is usually added between lines when needed, in the sense that the depth of the top line is too big and/or the height of the bottom line is too big. In your example the main problem is the superscript 2 that sits high (as you will see it is placed lower in ConTeXt, probably due to some other font parameter setup).
Now, the standard model, described above, takes the whole lines in consideration when deciding on adding some extra skip or not between lines. With so-called profiling we act locally, to see if there really is some clash going on. In your example, just above the superscript 2 there is nothing that has a depth, so in principle the lines could sit close together. Let us see it in action with one example:

The top paragraph is set without profiling. The lines are shown with help of \showmakeup[line]
. In the second example, profiling is switched on with \setupalign[profile]
. We also use a helper (enabled with \enabletrackers[profiling.lines.show]
) to show where it was activated. As you see, all extra space above the line with the "problematic" superscript 2 is gone. In the line below it is not, since that would mean that the left parenthesis in the binomial would be too close to the capital I on the line below. Let us also see how it looks without the helpers:

This mechanism is of course adding some overhead to the compilation, but it has turned out to be negligible (One reason is that it only has to check lines where the extra skip is added, and that is usually not too many.) It is possible to configure the profiling (amount and granularity) with \setuplineprofile
.
\binom{N}{k}
not{N \choose k}
in latex