+1 for captcha for users under certain karma level. +1 for 2 karma to be eligible to post urls.
By the way there is no reason to pick these thresholds out of thin air - presumably one can look at say the karma distribution of link submitters and figure out what the highest threshold that would inconvenience the least number of people is. For example, I would be truly surprised if 95% of stories were not submitted by people with a karma of 5 or more.
Second, the idea that puzzle-solving-ability is somehow closely related to interesting/insightful writing is specious. People are smart in different ways, and as a programmer myself, the kind of smart that I want most is the kind I don't have, which is often not the problem-solving kind.
All that having been said, I'm not against a captcha. I just don't think it'd be delightful and I don't believe that it'd somehow raise the quality of posts around here (beyond from removing some spam).