A long, long time ago, when I was interviewing for jobs, I would tell the interviewer right at the outset that: (a) Manhole covers are round because that way they don't fall in, (b) I don't know that because I am so smart I figured it out: I might have, but enough people have asked that question enough times that everyone knows it now, so the world needs a new trick question. Some interviewers found that funny, others were not amused... or perhaps the Microsoft guy wasn't amused because I got into an argument with him about 32 bit pointers... don't know, but glad I didn't end up working for them ;-).
Some thoughts:
* IQ measure the ability to answer particular types of questions under certain constraints.
* While Gould's Mismeasure of Man is a good history and a decent refutation of some of the silliness of this business, it has been criticised (with justification) -- Google it, or if you want me to, I will. Fortunately, many other critiques of IQ/testing are available.
* Doug mentioned that the current crop of Harvard students do not seem much of an intellectual elite. Which reminded me of a bit by Bill Maher defending the French: "In France, they have public intellectuals. We? We got Dr.Phil!". I think that sums that up: we don't have intellectuals -- we have a lot of Doctors, experts in this or that activity or finely divided area of activity, excelling at which probably correlates well with IQ scores! ;-) That said, I will take the current crop of students any day, over their critics pontificating about Kucinich, protestors, etc!
--ravi