Duncan, another (blog) site that I frequent, and typically stay logged in to, now has a CAPTCHA form to complete in order to see the pages. Their form is just one check box to click to prove one is human. That is at least quick, easy and simple. And we typically stay logged in and do not have to go through the routine of logging in very often.
CAPTCHA forms can be accessed, and in many cases bypassed by advanced bots.