I too have the issue of the CAPTCHA not displaying. All that is displaying is 3 fullstops ( ... ).
I have tried the fix mentioned above, but this does not help in my case. I am wondering if it's a permissions issue as I am hosted on a new server that has tight permissions set on all folders.
So, first question is, what are the default folder permissions required for the CAPTCHA to work? Secondly, if it is not the folder permissions, any other suggestion as to what could be causing it not to display.
Everything else is working fine - just not this aspect.
Thanks,
Scott.