Why can’t they just have an image with normal font in black and white? Because, maybe I’m getting this all wrong, but isn’t the point that the code is in an image, therefore preventing computers from spamming? Wouldn’t creating an image that looks like it’s not an image work just as well?
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People make programs which are able to read text, the closer something resembles real text the easier it is to bypass. At the moment people write programs which just randomly guess the code based on a rather poor algorithm and usually gain access through that, there are plans to boost the security further by having text further obscured, but who knows!
http://en.wikipedia.org/wiki/Optical_character_recognition