Frankly, I think knowledge or logic based captchas are the way to go.
"Todd is three times as old as Jane is. When Jane was ten years younger, Todd was five times as old as Jane is. How old is Todd?" for example.
Sure, takes longer to think about, but if someone can write a script to start parsing logic puzzles like that, quickly, and use it to defeat website signup authentication methods?
I'll buy that person a pint.