CAPTCHA is a challenge of test to the human to answer but the computers cannot. This is to validate that applications and other functionality of the web programs are controlled by the individuals not the computer or web bots. least, there will be a minimal problems of spam avalanche especially in e-mails and comments in your blog.
I think you are buffled with this term, CAPTCHA means - for Completely Automated Public Turing Test To Tell Computers and Humans Apart this was coined in 2000 by Luis von Ahn, Manuel Blum, Nicholas Hopper and John Langford of Carnegie Mellon University. The Yahoo was the first to used this technology.
Captcha provide the following security, these are : 1. Preventing avalanche of spam in blog comments text box. 2. Cheated voting polls 3.Password attacks 4. Defending fake Web Sites presence and Registration 5.Protection againts malicious Web Bots 6. Spamming 7. Worms
One thing, Web bots is useful to index a site so that it is readable to all users, but dilemma will occur if indexed site will be the sporadic target for malicious bots attacks. To negate spam and other malicious attacks it is better to apply CAPTCHA, to identify the data validation done by human and not by the computers.