Even if the captcha recognition's success rate is only 5%, its overall recognition rate is going to go through the roof.
You also get to do something you can't do with static captchas, compare the results. If 70% of the frames recognized the first letter as A, it's likely to be A, and so on.
As the letters move, they briefly do the really hard task of segmentation for you.
If there is any incentive to crack this captcha, it will be cracked very soon if not already, it looks like a very easy one to write.
I have to admit I'd expected something better, although it's certainly not a form designed to be seen (I'm assuming it's required for legal reasons)
Pretty smart.
As always CAPTCHA is a game of cat and mouse. When something is completely broken, you need to think up something new.
The real issue is a computer can compare the images individually and combine them so if it get's 'G_G', 'GF_', and '_FG' it's going to assume 'GFG'.
The comment wasn't snarky, it was accurate.
[1]: Have not actually attempted this.
Maybe an Apple engineer can chime in
There's 20 frames in each challenge image, 20 different sets of data to process and compare for a correct result. It's also three letters long.
ED: The form itself is included in an iframe, with the following tag:
ED2: The audio CAPTCHA sounds even weaker. You could probably just pipe that to Googles dictation API and you'd be set.