I think it's kind of a waste of time. I came on here looking for something specific. Not to post 5 times to topics I care absolutely nothing about, then have to wait 4 hours...but if it helps out the website in some way, I guess it's OK.
Yes, it is a bit of a pain for legit users, but it does keep the riffraff at bay. One time pain for long term gain. Thumbs up. I still have a ways to go to be able to post with the 'big boys'.