IQ is a good predictor of outcomes -- on aggregate, and the larger the sample, the more accurate the prediction. Unlike beauty, for an individual chosen at random, correlation is weak.

I haven't seen any good studies showing that high IQ is compensated for by low EQ, and vice versa. It's the old fallacy of implying "all" when "some" is correct. EQ seems to be fairly evenly distributed across the population, as are other personality factors like charm and selling ability.