I feel like it's a great system. It keeps the bots away from easily mass-spamming us.
I suspect that the issue is not keeping out bots as such, but preventing bruteforce attempts against luser passwords. theymos
et al., am I right? Bots need an account for spam. The forum already charges evil IP addresses Bitcoin for new signups. But most people pick bad passwords; they think that p4ssw0rd1975 is super-unguessable. Do the maths.
reCaptcha can be solved easily & quickly. Although it sometimes says correct answers are incorrect, if you use your brain, you should be able solve them correctly most of the time.
The CAPTCHA varies its difficulty (actually: its tediousness) based on Googles opinion of the connecting IP address. Do not assume your experience to be the same as others. It isnt.
For Tor users, this often means page after page of challenges which in total take up to a few minutes to solve. I have not recently done a Google CAPTCHA in less than sixty seconds, and Ive had plenty of practice. When I click Verify, I get hit with another round;
n.b. it does not say my answers are incorrect, it just gives me another challenge. Also, as I posted above, Google may even refuse to serve a CAPTCHA. Google now has the peremptory power to lock people out of bitcointalk.org.