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It's a bit difficult to understand how th extension works because it relies on the Joomla permission system, but once you get it it works like a charm. This makes it really easy to restrict access to any component that supports native Joomla permissions.
Even with Captcha solutions activated, I still got a lot of spamon my website. Since I installed this plugin, nothing passes trough anymore! It would be nice to include Honeypot though..