That's r = 0.81 right? so R2 would then be ~.66. Meaning that 66% of the variation in IQ scores can be statistically explained by variation in SAT scores.

It's really high for psych stuff. If you even get r=0.5, you've got a great result there.

But it is important to note, I feel, that SAT maps to only about 2/3 parts of the IQ score, and IQ score is also a quite fuzzy measure here for things like knowledge work job performance.

I do agree though, you get quite a bang for your buck just reporting these numbers.

But, if you explicitly tie money and compensation to the SAT score, man, that is setting up some very perverse incentives around it. If it adopts widely to do so, then you're gonna get some really strange interaction effects there.