This question is rather subjective. But I'll answer it anyway.
You do know that recaptcha is not only a CAPTCHA component right? There are 'meaningful' purpose behind it.
I've personally use it before and find it very will implemented and easy to use.
However it is not very theme-able but that's not a big issue for most usage.
There's a catch though. If you are using it in a closed environment, e.g. Intranet with no internet access, you will not be able to get it to work.
For other .NET based CAPTCHA controls, there are tons out there. Can't provide much information for you as I've not used them extensively.
Here's an 'old' but intersting article written by Jeff which you might want to read:
An ASP.NET CAPTCHA Server Control