My feeling is- the SAT is required for almost every competitive college. If it measures intelligence or not, you need to do really well on it if you want to get into a competitive college. I would worry if my pricey high school didn't procedure NMSF. Our public school has 10-15 a year.
You can really prepare and improve your scores alot with today's SAT. I know personally 3 kids in our area who got perfect 2400 SAT scores. I never knew anyone as a kid/teen, and I think the SAT scores became inflated over time. I'm assuming that is why MENSA doesn't accept SAT scores anymore for membership.