I hate, hate to do this and I hope it won't discourage comments. I have been getting a lot of spammy comments that at first sound like a real comment, until you realize the grammar is bad and the comment is sort of vague, and then there's a link to something that I wouldn't dare click on. I have been hearing about some nasty viruses going around and I don't want a comment on my blog to be the source of anyone's computer troubles.
I am moderating comments for your protection, but I hope it won't discourage you from commenting. I will approve all real comments as quickly as I can.
Why not use word verification? Because I think these are real people making the comments, and besides, I always hate doing those things. They tend to discourage me from commenting more than moderation does.
Stupid spammers ruin it for everyone.