CAPTCHA, in its current conceptualization, is broken and often easily bypassed. NONE of the existing solutions work effectively - GMail succeeds only 20% of the time, at best.
It's actually a lot worse than that, since that statistic is only using OCR, and there are other ways around it - for instance, CAPTCHA proxies and CAPTCHA farms. I recently gave a talk on the subject at OWASP, but the ppt is not online yet...
While CAPTCHA cannot provide actual protection in any form, it may be enough for your needs, if what you want is to block casual drive-by trash. But it won't stop even semi-professional spammers.
Typically, for a site with resources of any value to protect, you need a 3-pronged approach:
- Throttle responses from authenticated users only, disallow anonymous posts.
- Minimize (not prevent) the few trash posts from authenticated users - e.g. reputation-based. A human moderator can also help here, but then you have other problems - namely, flooding (or even drowning) the moderator, and some sites prefer the openness...
- Use server-side heuristic logic to identify spam-like behavior, or better non-human-like behavior.
CAPTCHA can help a TINY bit with the second prong, simply because it changes the economics - if the other prongs are in place, it no longer becomes worthwhile to bother breaking through the CAPTCHA (minimal cost, but still a cost) to succeed in such a small amount of spam.
Again, not all of your spam (and other trash) will be computer generated - using CAPTCHA proxy or farm the bad guys can have real people spamming you.
CAPTCHA proxy is when they serve your image to users of other sites, e.g. porn, games, etc.
A CAPTCHA farm has many cheap laborers (India, far east, etc) solving them... typically between 2-4$ per 1000 captchas solved. Recently saw a posting for this on Ebay...