You really have to ask yourself- what motivation does a bot author have for creating a script to register on your site. If the answer is "none", then they almost certainly won't bother.
I'm not advocating poor security. A site where bots may register is going to be absolutely fine 99.9% of the time, provided it has no real motivation for the bot author.
There are some really reliable ways of stopping bots registering that don't require a CAPTCHA. Email validation is a straightforward one (this does not STOP a bot registering, it makes it sufficiently much harder that it probably won't bother).
Telephone validation via SMS (Short message service, a mobile phone text messaging system which is very popular in Europe) is very good and will stop almost anyone from creating multiple accounts and/or using a bot.
CAPTCHAs are really very lame and a bad solution to a problem which in most cases is imaginary.
Mark