Not really. It's still much more difficult/expensive/slow for spammers to automatedly create accounts getting past the CAPTCHA than if there were no CAPTCHA. Plus they have to write software per CAPTCHA system, so creating your very own CAPTCHA system may help (unless it's particularly worthwhile to target your site, eg Hotmail).

It's just that CAPTCHAs aren't (and never were) the complete solution.

eeph