The advantage of this approach is that, for most people, the CAPTCHA won't ever be visible!
I like this idea, is there not any way we can just hook into the rep system? I mean, anyone with say +100 rep is likely to be a human. So if they have rep, you need not even bother doing ANYTHING in terms of CAPTCHA.
Then, if they are not, then send it, I'm sure it wont take that many posts to get to 100 and the community will instantly dive on anyone seem to be spamming with offensive tags, why not add a "report spam" link that downmods by 200? Get 3 of those, spambot achievement unlocked, bye bye ;)
EDIT: I should also add, I like the math idea for the non-image CAPTCHA. Or perhaps a simple riddle-type-thing. May make posting even more interesting ^_^
