Well firstly a few things 2 clarify about ure post;
1) u don't hav 2 choose 'core' subjects 4 As/A-levels (ie the exams that really matter) jst GSCE - which is understanable as wat if, having chosen xy&z u get 2 uni & realise u didn't want 2 do that in the first place so ure education is wasted
2) If ure an intelligent athlete/ artist etc.. there are still lots of ways u can get 2 high places; jst not the same route as someone who can remeber things & work hard (a true scholar); many dif. schemes are avaliable 4 these sorts of ppl - in fact there are so many that the 'scholar' can feel left out
3) Any 'intelligent' person i doubt would choose ict; no gd university would look pleased @ that; in fact so much so that our school does hav it claiming that its 'not acedemic enough'
4) You seem 2 assume that iq = intelligence; yet i think this is increasingly not the case - take the US where ppl pay money 4 private tution & get higher marks - not cos they're any clever than the nxt person but cos they're coached into knowing how to answer the questions and they're parents can afford the money 2 get this tution. Whereas u also assume that exams = pure knowledge; sure knowledge is a large component of it but who knows everything first off? It takes a small ability 2 retain info perhaps but also a grt deal of hard work; of lots of productive revision, techniques employed 2 help u learn better, practice etc... to pass an exam. Is this not better than jst saying "ure not 'intelligent' - even if you work hard u can't get anywhere" - and note that if intelligence is based on genetics & tution counts 4 more of it then in this world there becomes a huge class spilt between dumb = poor, intelligent = rich. Besides who's to say knowledge has nothing to do with intelligence; in fact its knowledge that is required 4 the better jobs - not necessaily being able to do well in iq tests.
In fact my belief is that both systems do have inherent faults; exams in GB r so much about the specification these days (examining the specification is partly what got me gd grades) and yes, knowledge isn't everything. Whilst in the US iq doesn't actually mean intelligence if you can pay 4 tution & what happens if you hav a bad day (GB exmas r usually spread over time & hav lots of coursework too) - they don't take into account hard work of pupils at all. Perhaps a mixture of the two would be satisfactory, but then we always hav 2 consider many others factors such as personality & other achievements which unis look @. I think however there is more than jst this 2 think about, schools should really teach more of the following:
1) Efficiency; with robots taking over more & more ppl's jobs we hav 2 keep up - yet no school i know of takes into account speed of hmw; gives credit 4 those who r faster and helps slower pupils. Im terribly slow but are neither penalised or given help because of this (of course exams do hav time limits but i can speed up jst 4 2hrs - on a day 2 day basis its a dif. story tho
2) Responsiblity, Morals & work ethic; with all this talk of 'freedom' and everyone going round exhorting money out of ppl in every way possible we hav lost sight of the things that make us human. Where is goodwill? In the bin as others sue u 4 ure every fault. Where is right & wrong? Where u can get away/ not get away with doing something. Where is responsiblity to your community, enviroment & country? On stupid leaflets noone reads & throws on littered streets. These things can only b taught @ a young age; all we get is punishment 4 bad behaviour but no incentive 4 helpful, kind, considerate behaviour, only in a chapel (which our school's lucky to hav) or occasionally a 10 minute assembly r we taught anything of morals, only once has a speaker come in to talk about work ethics; and yet this is not typical of a 'normal' school - ours is a gifted one, the best mixed school in the country - so imagine wat a normal school's like
3) The outside world; now this is probably the thing we neglect most, sure we read in the paper of schemes here & there 2 confront this but nothing uniform & compulsary. All students should leave school with knowledge of:
a) How the govt & voting system works

Important laws & taxes + rates
c) How to handle a relationship
d) How to care for & look after children
e) How to look after yourself & your body
f) How to look after the enviroment
g) How to fix/ use household things; including plumbing, heating, structure, car repair....
h) How to do everyday things; cooking, cleaning, ironing etc...
i) How to handle finaces
All these things r soooooo impotant; id trade off at least 1/2 my subjects i took last yr to learn these and yet not many ppl actually know about them till they make grave mistakes; u don't know how 2 vote till u miss out 1 year & then someone tells u, u don't know about the law till ure fined, u don't no about a relationship till u break-up, u don't no how to care for yourself/ a child till its too late... These topics ought to carry the weight of mabe 3/4 GCSE's and yet schools barely scratch the surface - govts don't seem 2 care with knowledge that it could lose them votes if ppl knew how, or money if ppl realised how much tax they pay, or they would no longer b needed if ppl had true social responsiblity & knowledge of life. Thus these r the important things in life & really should b held in jst as grt esteem as an education of intelligence testing & exams