300? Not cool, and getting absolutely ridiculous since we don't really have control over this spam situation, we have to take matters into our own hands via blocking IPs, disallowing registrations, etc. - whatever we have at our disposal due to a lack of spam settings. So, this needs to be escalated, reviewed, and a solution needs to be resolved as to how to handle this better so that the bots cannot register an account period. Sooner or later someone (like me) will complain, blog about it, and say this has to be the spammiest forum system I've seen in a while and with the lack of account registration restrictions, I refuse to use it over a system that has a robust solution for combating these types of annoyances/problems. Ignoring this and deferring it much long will backfire in the long run.
(Not me ranting, just concerned.)
On a side note, this should be in the core instead of a plugin - or at least worked with closely with the dev team. We shouldn't have to wait on the plugin author to update something that's vital to the application, in which case, spam protection is vital.