Yup, numerous reasons recaptcha is bad in the long term.
While it's a great solution to stop bots in their tracks, especially brute force ones, I feel as if in the long run it creates more potential problems.
That said, nothing wrong with using it till a more convenient solution can be implemented.

There's a reason big services (Yahoo, Gmail, Facebook and so forth) don't use it, at least when it comes to the login.