I totally agree with you. My company hires a number of college graduates every year. Those who ended up being successful in career may not be the smartest ones or with the highest grade in school. The ones who become most successful are those with great work attitude, eagerness to learn, good communication skills, and a strong sense of responsibility.
Common sense is important too, which to my surprise, is lacking in a lot of young people. I guess the parents pamper the young people too well, they don't need to make too many decisions/deal with problems in the day to day lives and don't have the chance to build up a strong common sense.