Be aware that some 'OCR' readers (used by auto-form fillers) can read some CAPTCHA images.
What I've done on my Forum Registration Page is added a field that MUST be input with a value (which I display in another post on the forum). Then validate that the form value matches the expected result in order to be submitted.
I haven't had a 'bot registration' since I installed it almost a month ago....
So sometimes simple is best. I bet you can even get away with putting something like this on your form:
<B>Validate (input 'hello' here) : </b>
<input type='text' name='validate' id='validate />
Then validate that $_POST['validate'] == 'hello' in your form validation and it will help your cause.
NOTE: My Forum registration form did have CAPTCHA before I added the new field and it still was not stopping the bots !!