It is testable. Costly to test, but testable. If someone wants to test it, they could make a new account, and use it to post lots of useless insight-free twaddle, and see how much karma they get on that account. However, probably the costs of that experiment would be to high to actually pull it off. (Both the cost in time to the tester, and the cost to the signal/noise ratio of Less Wrong of adding that many more posts of useless insight-free twaddle.)
Precommitted to publishing this in Discussion to fight publication bias. It looks like intelligence (as measured by IQ, SAT scores, etc.) isn't meaningfully related to how much one posts to LW. Probably in the ideal case, they would be related and higher-IQ people would post more, but that doesn't appear to be going on either.
How well-educated you are doesn't seem to be much related to participation either. I'm not controlling for hours spent on LW for any of this, though.
Script output:
Script source here.