I don't think it's effective against bots either. If a bot can read the three options it has a 1/3 chance of getting it right (assuming that the bot would choose randomly). In fact from the sample captcha it looks like one of the words is not like the others and therefore you could possibly eliminate that making it a 50:50 chance (again assuming it picks it randomly, that there's an odd one out, and that the odd one out is unrelated to the text above).
Although, I suppose that the idea of the captcha is to show awareness, rather than actually stop spam or trolling. It's neat, but not a great spamkiller.