My impression is that the SATs measure some combination of reasoning ability and retention of knowledge: I can see the latter being correlated with conscientiousness, but there are other ways to get it. As best I can tell, in college admissions the combination of a high SAT score and middling grades is taken to indicate a low-conscientiousness student, which if correct isn't what we'd expect if the SATs rewarded the two equally. If it's not correct, I'm not sure what it'd be measuring instead.
The result is from 2008, but it's new to me. Abstract:
Some obvious points from my first five minutes of thinking about it: