Of course, we couldn't easily do A/B experiments, so we'll never really know how the true attract:alienate ratio.
Trying to look at it objectively, I would probably be somewhat put off by being required to do a puzzle to "prove myself", but would then find the specific puzzles offered to be pretty interesting, and worth playing around with. Perhaps it's not tantamount to a $300 tax on ones life it is seemed fun and valuable in its own right?