I believe that this kind of intelligence test correlates well to being able to think coherently and abstractly in both numerical and non-numerical terms, and as such correlates well to being a good programmer.
As a proxy for developer performance, intelligence is strongly correlated.
In my one, there was clearly not enough time to do all the questions.
So I picked the questions I could easily quickly answer accurately; followed by the ones I could take and educated guess; then finally as time was running out just out and out guessed the rest. I did exceptionally well apparently :-)
Then I got the job, and worked on a typical CRUD system.
If developers aren't evaluated as people, but as units who are expected to hit some threshold of "intelligence," then that says something about the company asking you to take the test.
If everybody who tested well included everybody who was intelligent, or able to code well, you might be able to use it as a proxy. If not, you're missing out as a company.
The students who achieve the highest grades in school aren't those at the peak of the IQ range - they're the ones who actually have to put in the study time to learn the material, rather than cruising on previous knowledge. Do you want the person whose IQ score is better, or do you want the one who will do the work? If you want the better IQ score, what will you do to get them to perform when asked to do what might be regarded as drudgery?
Or are you saying that they give IQ tests to screen out the really bright bulbs, so as to isolate those who are willing to slog through whatever they're given?
How about someone who is both smart and willing to work hard?
Doing well on a test is usually an indicator that you do well on that kind of test. Even good psychometrics tend to fail with calibration problems - the vast majority of these tests were written and calibrated using psychology undergraduates at western universities. That's a significant sampling problem. 
So I'm personally not opposed to selecting for "smart" employees. But I do think that the belief that a short test actually selects for that kind of smartness in any meaningful way is sloppy thinking.
What about people with dyslexia (such as myself)?
What about people who have test-anxiety?
They aren't arguing that hiring smart people is a bad idea, they're saying being dismissive and discriminatory is a bad idea (and illegal, in the US - violation of the ADA).
Out of curiosity, this is a serious question: are you a programmer and if so does dyslexia cause you problems coding? lots of library functions can have confusingly similar names and spellings for me, and I don't have any reading problems.
Generally speaking, good developers are both smart and intelligent.
I think sampling some code from the applicant could be a better indicator.