I would say that's all it's designed for, not for measuring true intelligence - and in my experience it does it's job fairly well - most people i know have gotten around the score they "deserved."
I would disagree. Some of my closest friends scored very high, did very well in college, but career wise are miserable failures because they have no drive or motivation or ability to interact with people intelligently on a daily basis. They are great problem solvers when they get to sit down and analyze something, but they can't think on their feet to save their lives.
I also know a lot of people who scored too low for their relative sucesses and contributions to society.
Really, thats closer to how I define intelligence. A person's ability to contribute something of value to society.
I know VERY few people that i would say got what they deserved on the SAT.
---Andrew