Why IQ doesn't mean that you're smart
Keith Stanovich, professor of human development and applied psychology at the University of Toronto, Canada, has grappled with this apparent incongruity for 15 years. "How can a smart person act foolishly? He says it applies to more people than you might think. To Stanovich, however, there is nothing incongruous about it. IQ tests are very good at measuring certain mental faculties, he says, including logic, abstract reasoning, learning ability and working-memory capacity how much information you can hold in mind.
I think it's a pretty interesting discussion going on at Slashdot.org, so head on over there and read the entire thread, I can pretty much guarantee you'll be entertained ;)