I'm sure they could do something useful. I say that.
But I don't think they'll do so much for me that it'd make up for it. As I said, consider the job market. This pill would put me into the bottom 30% of the population IQ-wise (I'm guessing, does anyone have the actual numbers? The only people I would still be above would be the 110-130 range.). Have you looked at how well the current bottom 30% does? From what I remember of the job statistics in The Bell Curve, the prospects are absolutely dismal, and seem likely to get worse over time thanks to automation.
My understanding is that people lose jobs to automation because they can't do the jobs which can't be automated. If you can still do a job which can't be effectively automated, you might experience short-term troubles (or you might not, assuming you already have the job), but jobs can be created which it will be economical to pay you to do.
There was some talk here about height taxes, but there's a better solution - redefine shortness as a treatable condition and use HGH to cure it. They even got FDA on board with that, at least for 1.2% shortest people.
Unsatisfactory sexual performance became a treatable condition with Viagra. Depression and hyperactivity became treatable conditions with SSRIs. Being ugly is already almost considered a treatable condition, at least one can get that impression from cosmetic surgery ads. Being overweight is universally considered an illness, even though we don't have too many effective treatment options (surgery is unpopular, and effective drugs like fen-phen and ECA are not officially prescribed any more). If we ever figure out how to increase IQ, you can be certain low IQ will be considered a treatable condition too. Almost everything undesirable gets redefined as an illness as soon as an effective way to fix it is developed.
I welcome these changes. Yes, redefining large parts of normal human variability as illness is a lie, but if that's what society needs to work around its taboos against human enhancement, so be it.