For sometime now, I've been saying a better way to have comment moderation would be allow comments from "regular visitors" come through right away, and everything else get moderated. This way – it takes the burden of moderating ALL comments off the blog author, and takes away any kind of "hoop jumping" your would-be commenters have to do – especially with the ones that comment regularly. Most spam preventions "punish" these people the most.
Of course, I'm too lazy busy to write the script – but I'm so glad that someone else did!
I've actually had very good luck thus far with the simple spam words in WP – but as soon as that starts to fail more seriously – I will definitely implement something like that.