there are a couple ways of thinking about this, but i certainly don't think captchas are on the way out. (well, one way out is something like OpenID)
since captchas are based on feature detection in domains where humans are still far superior to computers, the ultimate captcha would be something based on faces.
the problem is the permutability of the variables in the captcha means a lot more overhead for more variables graphically produced. i mean, to produce a string of text is far easier than to produce 10 faces. and in picture captchas are you left with pass/fail for every picture, so it leads to much less permutability, compared to text. in this regard, i think text-based captchas still have a place and will stay for quite a while.
and the newer "what is 2 + 3" is so bafflingly breakable that i can't believe it is actually being used.
a method i think worth exploring is by tracking mouse clicks, like show a banner-sized picture and ask users to click through items in a certain sequence, like "mouse, truck, building, blah blah." then you calculate the deviation from the hit-zone. however this cannot be done without a mouse. to make it keyboard-friendly you'd probably need to present a bunch of icons and ask users to select those icons in some order. in fact, i imagine this to be a good password replacement scheme (but again, as a password scheme you'd need 26x2 + 10 icons to match the permutability of a d+w password. hence the mouseclick)
but in any case, captchas are fairly distracting when they appear, so the captcha idea i wrote above is something i would do only when i have enough time to play with.