... then it's certainly worthwhile taking a look at this site I came across today:
http://sam.zoy.org/pwntcha/Boiling it down, it looks like the essentials of a good captcha are:
- don't use the same font throughout
- don't align your glyphs
- do throw in some character rotation
- do use a textured background that varies
- do vary colours
Oh and last but not least, do ensure that it's always humanly solvable. I tried signing up for a site the other day and gave up after failing to get past the captcha!