The numbers are in and according to my calculations using the 2000 census educational attainment data and the 2008 county election results.

Obama won 53.88% of the college educated vote
Obama won 53.68% of the vote overall

Not much of a correlation. And while we can't make assumptions about college education correlating with intelligence I think it's safe to say that people aren't morons just for voting for the republicans or democrats.

See my previous post for an explanation of the colors in the maps below.

2000 Census Educational Attainment

2008 Presidential Election

Election Education Composite