I just upgraded from MT 3.2 to MT 4.261. I have the SCode plugin which I had installed with MT 3.2. It still shows up under plugins as enabled. Separately I got to the Comment settings area and I see under "Comment Display Options" the entry "CAPTCHA Provider" which is set to "none".
So here's the question: does SCode bypass the CAPTCHA Provider setting? Do all my forms that produce the CAPTCHA graphics pattern just not use the new version but still work okay?
I can't get comments to work at all since upgrading.
Reported on Movable Type 4.2

Answer: I have 2 problems.
1) The old Comments Listing Template is just not showing up. Though I still see the Comments Preview Template and I got that one to work for single post preview mode.
2) Gotta replace the SCode MTSecurityCode and MTSecurityImage tags with new tags added to MT4.
I think SCode (or at least an earlier version of it) does not work with MT 4.261. Instead I copied this code snippet below over the SCode snippet in the Comments Preview Template:
Then I went into Preferences | Comment | CAPTCHA Provider and set it to "MovableType default". That seems to make CAPTCHA work again for single post previews at least.
Okay, the XML gets eaten up. See here:
http://www.movabletype.org/documentation/designer/mt4s-comment-templates-for-use.html
This is what you use to replace the SCode MTSecurityCode and MTSecurityImage: