Great share, the grey matter is getting a workout mulling this one over!
Not exactly the same thing but on a similar vein, in the past have been involved in numerous intelligence 'debates' on the difference between book smarts and being streetwise.
I think it's exactly the same idea, understanding that one type of intelligence or one type of knowledge (in this case) isn't enough.
The ability to interpret knowledge in a helpful and meaningful manner is definitely paramount. Many people I know can memorize and regurgitate facts, but fail to understand what those facts are actuallly telling them.
Time plays an interesting factor as well, a teenagers brain is not wired the same as a forthy year olds so if you feed the same facts to both parties you get a different output even though you started with the same information.
RE: Knowledge isn't just about collecting facts