It
is very annoying. Some chap with a challenge response system pestered everyone on the perl5-porters list with his messages. Do you have even a faint idea of how much traffic it would generate if everyone on a high-traffic list (which p5p definitely qualifies as) used such a system? On a challenge response system's Freshmeat project page, someone reported his experience trying to run it on a company mailserver to reduce the time wasted with spam, and said (besides annoying some customers and business partners) it nearly quadrupled his mail traffic due to all the extra mails a single message generated, to the point where the server was no longer able to handle it. He was forced to revert to traditional filtering methods.
Makeshifts last the longest.