Yeah, it's an issue with the CAPTCHAs. In the end, I think the main weakness with Invision boards is their popularity. Too many bots out there that can register themselves.
One suggestion I heard but have no idea how to implement would have users that register input an answer to a question like "what city is this board about". It wouldn't be hard for a spammer to give the answer to his bot, but hopefully it would be just discouraging enough to make them move on to other boards.
Basically, you could ask any question that a human wouldn't have a hard time asking, but a computer would. No idea how to implement it though.