There are a few options for this issue in MT. You can use Akismet, that is a great tool to use. As much as I hate force-response systems, I find reCaptcha to be the easiest one to read.
It is funny, and ironic, but most Captcha systems are brutally difficult to read. The thing I do not care for with Akismet is that is sometimes classifies painfully obvious good comments as spam. I don't want our users to have to deal with that. So we will be using reCaptcha in all of our community sites. If you are unfamiliar with reCaptcha, take a look:

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I guess we are going to (blindly) try TypePad Anti Spam plugin, built into MT 4.2. Hey if Anil says it will work, that is good enough for me.