Sounds like your signing up for a lot to have to approve every account ! Let's hope it doesn't get there..
Can always throw in some word problems, most Bots don't understand English yet.. Even better, put the word problem itself in captcha.. So basically you don't just have to recognize the text, you have to answer the question it is asking.
I'm not so sure it would be that big a deal. I mean, on average we'll get 5 or 6 new members a week. If all I had to do is get up in the morning, check my mail, follow a link, and click "Approve" then I don't think it'd be that big a hassle.
I have always liked the idea of human verification based on word problems such as "What is five plus four." but botnets are growing ever sophisticated and I'm quite sure those sorts of things have been accounted for.
As I understand it, the cutting edge is currently using photos of various things and asking the user to identify them.
The attack on that method involves botnets serving up images to live people to identify images in exchange for micropayments or access to porn sites and such.
Once a given image is identified as a puppy or a tree or a bus then the net stores checksums of the image (or parts of the image) so it can quickly recall it the next time its asked to identify that particular file.
There must be good money in spamming because people are putting a hell of a lot of effort into it.