I accepted an offer at IBM a few months ago and had to take an IQ tests of sorts. It was mostly focused around pattern recognition with some algebra problems thrown in. At best it seemed only tangentially related to programming ability.. I'm not sure that attempting to measure whether a candidate is "smart" or not is a good hiring strategy.

A good analogy for this type of interviewing is like trying to judge how good someone is at basketball by measuring how tall they are. Is it related? Sure. But it certainly doesn't give you the whole picture and might not be a useful information at all. Watching them play a few games would be a better strategy.

Fortunately there a quite a few startups working on this problem. Lytmus is one in particular that I think looks very promising.