Indeed. It's good that these guys are white-hats because they could have made a killing selling to spammers (for as long as they could go undetected, which could've been a while).
The best I've seen are the "which of these photos show mountains"-type challenges. I'd imagine that solving 5 rounds of those would take too long to make it worthwhile for spammers, but I'd also imagine lots of legitimate users getting irked at going through that to fill out a form.
I think that means you might be able to get source code via FOIA or similar :)