The problem with captchas is they discourage the majority of human visitors (unless your registration form is for something they REALLY want).
I recommend that you use a simple piece of Javascript to identify users of lame-bots, and have an efficient moderation system which allows you to bulk-delete any spam entries which get through.
It is very unlikely someone will make a bot specifically for your site, so you only have to worry about general-purpose ones. They very rarely run any actual Javascript, so a simple check that some JS code is executed can stop them (say set a hidden field to "1") - they also usually fill in every field in the page, even ones that you tell your users to leave blank. One option is to add two email fields to the page and instruct your (human) users to leave the 2nd one blank. Bots will fill it in anyway (typically).
Moderation is the best way though. Vet all registrations manually, either individually or in bulk. Provide an efficient way of mass-deleting spammy registrations.
Mark