How Do You Deal With Blog Spam?

I assume that many of my readers are technical people and as such are likely to be bloggers themselves, so I post the question to you: How do you deal with blog spam?

I'm currently getting on the order of 30-40 blog spam posts a day. While WordPress does a good job of catching them, and I can mark them as spam (so no one ever seems them), like email spam, I'd prefer not to have to deal with them at all. In the past I've tried reporting blog spammers based on IP addresses to their hosts, but that's even more work and it seems to have little or no effect on the volume.

Do that many people need Viagra? I didn't even know what Hoodia was until I looked it up? (Oh and if you use any of these terms in replys, you're going to get caught in the spam trap. So don't.)

I've considered using a CAPTCHA but have not found a good plugin that will do it for me, and I generally find them annoying. Registration seems like too high a barrier to entry for casual posting. I've seen, but haven't tried Akismet which is service that checks out your comments before it posts them. Anyone use Akismet? Does it work?

Are we stuck with blog spam? What other things can I do so that I don't have to deal with these annoying posts? (Oh the irony, we'll see if I get spam attempts before I get real comments.)

Thanks for the help...

Update: In addition to CAPTCHA, I've heard of people doing things with JavaScript under the idea that the automated blog spammers don't use tools that understand JavaScript. Some people have the actual form submit happen with JavaScript. Another option is to have JavaScript do some simple algorithm for the user and check the result. That's the idea behind Hashcash. I haven't tried it, but it sounds like an interesting idea.

So, CAPTCHA, Hashcash and Akismet ... and no more spam!