I grew up around (humanities) academics, supposedly the ultimate smart-set. In my experience, they were coasting on memorized facts just as much as people in the corporate world. A professor would read every major German novel written in the 19th Century and all the critical writing about 19th-century German literature. Then he would spend his career passing on facts to his students. His "intellectual" work mostly involved keeping up with academic journals (learning new facts).
http://ask.metafilter.com/135720/Does-math-have-big-scary-teeth-or-something#1939302