Personally I'd say, stay away from CAPTCHAs until such a time as you have a real problem with robots registering on your site.
People hate them, and they're ugly. People often get them wrong, and it pisses them off.
If of course, you know from experience that this site is going to have hordes of robots trying to do automated registration, then a CAPTCHA may be the way to go.
Personally I'd go for something that does some client-side jiggery-pokery to simply make it moderately difficult to create an auto-registration robot.
For example, if you have a hidden form field which is filled in by Javascript, which uses several values and performs an operation (such as multiplication). The server does the same operation and checks the result. Anyone with Javascript disabled (for example, a robot) will fail this test. This won't stop someone who has the ability to reverse-engineer this process from creating an autoreg bot, but it will stop "off the shelf" autoregistration bots.
Another obvious way to stop robot registrations is to have each registration vetted by a human before they can use your site.
Mark