Possible comment spam solution for WP?

That was my first reaction too, as you can see by the comments I left on Arve’s post. However, Adam Kalsey’s comment convinced me that this will also work in a situation with less traffic. The main point is not to focus on the ‘moderation system’ but on the stripping of the links.
On a personal blog with not all that much traffic the ‘regulars’ can be approved quite quickly by the site owner (who is also moderator of course), while the incidental visitor can still leave comments, without having to end up in the moderation queue, because the only thing that happens to their comment is that links are stripped from their post. Links in a bona fide comment by an incidental commenter can be activated by the site owner/moderator at a later point. Commenters can of course be informed of the policy when/before posting.
I think this system has the best of both worlds. If the commenter thinks it’s worth the while to register with your blog then that’s an extra check against spam, but when the commenter doesn’t register, he or she can still leave his/her opinion, albeit initially without links.
Comments by unregistered commenters should also go into the ‘moderation’ queue so that the site owner can decide whether or not to allow links on an unregistered comment-by-unregistered comment basis. This presents hardly any extra work for the site owner because you’re probably already checking the moderation queue upon login, but it takes away the incentive for spammers, since their links will never get displayed, not even the short period between posting them and deleting them.

Sounds intriguing… looking forward to it 🙂