Yes. How you expect children's IQ to compare with their parents' depends heavily on your assumptions about the extent of genetic heritability, and (even if you think IQ is mostly genetically based) about exactly how its genetic basis works, and about how assortative mating works. (I think assortative mating, the fact that people tend to get together with people like them, has a strong influence on the environment a couple provides for their children, but I also think it's plausible that it has an influence on the genetics. There may be thousands of SNPs accounting for the genetic component of IQ, but I bet the sets of those SNPs held by parents are not independent.)
Just from observation, though, the idea that it's rare for children of highly intelligent parents to be as intelligent as their parents doesn't seem at all plausible to me, at least when we're talking about parents both highly successful in the scientific/technical domain. It would be interesting to see research that compared children of couples both with similar IQs who work in the same field and have other indications of having "the same kind of" high IQ with children of couples with similar IQ numbers but different "kinds", actually.
ETA: we've talked about this often on this site.
Here is a post I wrote last year to explain that "regression to the mean" doesn't work the way people sometimes think. Short version: if you think children's IQ will regress towards the mean of the population, you have to ask yourself "which population?" Humans? Primates? Mammals? PhD scientists?