I've got a pretty decent GPA and a record of academic excellence, and I make this argument.
Most of the current educational system is based on learning to repeat the teachers password (http://lesswrong.com/lw/iq/guessing_the_teachers_password/). I teach students with good grades at a top university, and they routinely resist doing anything other than repeating what I tell them.
This isn't because they are morons, it's just what they've been trained to do. Indeed, in the past, they've been punished for doing things differently.
Guessing the teaches password does establish a minimum level of intelligence; a person who is sufficiently dumb will fail at this task. But once that minimal level is established, it's hard to really care. I'll take a kid with grade inversion [1] and a cool side project over a straight A student any day.
[1] Grade inversion is the phenomenon of a student who's grades are directly proportional to the difficulty level of the class (inverting the normal relationship). Calculus, literature, CS 101: C. Topology, Operating Systems, Quantum Mechanics: A.