Since intelligence is highly beneficial in any environment, the mutation would spread throughout our population.
Pah! Someone should look at the energy and nutrient demands of a running brain, compare with paleolithic calorie and nutrient sources - and then reconsider this point.
A side effect of increased nutritional requirements falls under my objection 4.
Edit: For an in-depth discussion of precisely this topic, see Nick Bostrom and Anders Sandberg's 2008 paper "The Wisdom of Nature: An Evolutionary Heuristic for Human Enhancement", available as a pdf here. This post was written before reading the paper.
There doesn't seem to be a thread discussing Eliezer's short-short story X17. While I enjoyed the story, and agreed with most of its points, I disagree with one assertion in it (and he's said it elsewhere, too, so I'm pretty sure he believes it). Edit: The story was written over a decade ago. Eliezer seems to have at least partially recanted since then.
Eliezer argues that there can't possibly be a simple surgical procedure that dramatically increases human intelligence. Any physical effect it could have, he says, would necessarily have arisen before as a mutation. Since intelligence is highly beneficial in any environment, the mutation would spread throughout our population. Thus, evolution must have already plucked all the low-hanging fruit.
But I can think of quite a few reasons why this would not be the case. Indeed, my belief is that such a surgery almost certainly exists (but it might take a superhuman intelligence to invent it). Here are the possibilities that come to mind.