I'll tell you, I don't use Tor and when I've had to log in in the past from my PC, it has sometimes taken numerous attempts with the captcha. It's a pain in the ass, but the solution is to stay logged in. I understand that when you're managing a stable of alt accounts, all in different campaigns, it can be tiresome but there's a solution for that as well. <ahem>
I always stay logged in and hadn't figured out why people were complaining... makes sense now.
My limited knowledge of internet security keeps me from realizing the advantages of the captcha, but I think helps keep spam bots from running rampant. We had one for a while that made all these new accounts, and late at night they were making these posts advertising weird bodybuilding supplements. I reported them on a nightly basis for a while, and then suddenly they were gone. If I'm wrong--and if anyone actually reads this post--you can correct me.
In the grand scheme of things, it's a minor annoyance. If it assists Theymos in keeping bitcointalk clean, I won't bitch about it.
It doesn't stop bots running rampant but as I explained above it does add a cost for them. That might be enough to persuade some of them to go and spam somewhere else.