I'll be a little more clear than I was before: This is about the bag o' crap sales on woot.com. I'm the president of Woot Workshop, the subsidiary of Woot that does the design, writes the product descriptions, podcasts, blog posts, and moderates the forums. I work in the css/html world and am only barely familiar with the rest of the developer world. I work closely with the developers and have talked through all of the answers here (and many other ideas we've had).
Usability of the site is a massive part of my job, and making the site exciting and fun is most of the rest of it. That's where the three goals below derive. CAPTCHA harms usability, and bots steal the fun and excitement out of our crap sales.