Dave,You wouldn't be stopped from posting because you had a different IP address.
The idea of tracking the IP addresses is to 'identify' you.
However, as others have mentioned above, it's pretty ineffectual.
I totally agree with you about it stopping new members joining. When I think of all the sites which tell me they'll email me a password, I just think 'sod this' and move on.
I fear the 'Cat will suffer in the same way
Jabjo