I applied at Company A that had an test similar to an IQ test, and they returned back that I would be better suited to an entirely different job than what I had applied for. It also took them 3 full weeks to get this information back to me, then another 3 months to determine that they wanted to interview me for the original position I had applied for. At that point, I was already working at Company B making 10k more than Company A said I would be eligible to earn after working at their company for 3 years.

Yeah, I'd pretty much say that the IQ test was pointless in this case and luckily that was the only company I had run into using it.

EDIT: Forgot to mention that the test also took 3 hours to go through and had no limit on the questions that you would get. There was no possible way you could finish every question on the test.