Yes I must say I hate filling out Captcha’s – we all do. That said I do put them on sites. I think it depends on the amount of traffic you get. Once you start to get above a certain the threshold you seem to get more and more spam. These spammers have even managed to get passed the captcha on these forums – but if you are a small site then a Matcha (math capture?) might be good enough.
The nice thing about reCaptcha is they use words from scanned in books that their OCR software couldn’t detect. Every time someone feels out a reCaptcha they are (apparently) helping to digitize copies of old books and newspapers. So at least those few seconds went to some good use :-)