Maybe we understand R&D differently. We mostly likely do. I work in R&D in pharma and those folk with tons of experience have tons of it because they have proven track records of innovation, otherwise they wouldn't...have tons of experience. I'm not trying to be redundant and circular here but that's how it's playing out in my mind. Of course I'm pretty new to industry and I may not know what I'm talking about.
I can certainly uderstand that a person with 'only' an education may not be innovative. (the experience thing still has me for a loop). There are all kinds of ways to be a sucessful student without necessarily being innovative but honestly, I'd be at a loss to site examples given my experience. Also, I don't know if an IQ test can account for what it takes to think outside the box that produces results, which is usually a priority for most companies interested in profit.
I have a couple of examples off the top of my head. I work with a lot of people coming over from MIT. All, without a doubt, are pretty darn brilliant. One guy I knew got so caught up in the small stuff that he was let go. Despite his obvious intelligence (blew me away) he wasn't really able to contribute to the fast-paced enviroment that's always screaming for new ideas. It's a marathon and the ability to prioritize and see the big picture is important.
Another example is a project I'm involved with right now. A great scientist comes up with some interesting ideas, we have a meeting and put together an agenda. This man seems to know every darn thing a person could ask about IRT to his field but when I began the grunt work, on my own, I found that his ideas weren't all that new and found an obscure paper where the exact same work was already done. My analytical nature drives me to anally research so now I've saved the dept much money and time not reinventing the wheel (so to speak).
An employer won't go wrong with a highly intelligent, experience employee that also has common sense and drive.