As usual, I think it depends on circumstances. If this site decided to implement reCaptcha on login to fight the password guessing attacks that we get periodically, it wouldn't bother me at all. The fact is that I log in using my password so infrequently that remembering my password is much harder than an image verification. And the content here is valuable so I'd deal with it. I'm not sure that it would be important enough for the average site to have, but maybe some admins have their reasons.
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