Our new comment system seems to be working well. There's another improvement I plan to make, in order to make it totally invincible, but I have not found a plugin for MT that can do what I need, so I may need to write my own plugin.
I can't share the details of my security, as obscurity is part of the security. I also use powerful encryption methods, time-sensitivity, and a couple other things. Combining all these together create a truly powerful comment spam solution.
I've also designed this to be UTF-8 compatible since there are, in fact, more languages than English out there.
So test this system. Try it out. I'm not saying it's perfect yet, so this is kind of a beta test.
Update: Let me also make something clear. This will not stop manual spam - the kind of comment spam where a person simply types stuff into a web browser and presses submit. There is no way to stop that, because it's the same as a true commenter. This method will stop automated spam, which is the kind of spam which plagues blogs all over.