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It really depends on how you interperate intelligence. cuttles are not able to manipulate their environment with the ease that an octo does, so it seems that the reason that octos can figure out fairly difficult puzzles is because their brains evolved to be capable of observing and using their surroundings to their advantage. cuttles, unlike octos, are to a certain degree sociable, and so are more proficient with complex situations involving more than one animate object (not to dis octos, but their social reportoire seems to mostly be kill it or mate with it... enlighten me if I am wrong, please... ). there is also some speculation as to whether cuttlefish have some sort of visual-based language, which for a social animal would not seem unlikely, but there dosn't appear to be a way to really test this hypothesis thoroughly. you could try it yourself, using your fingers to imitate tentacles though...
If there was a uniform test to determine ceph intelligence then maybe we could find out who's smarter. (a ceph IQ test?) Untill then we'll have to rely on observation of outwardly expressed inteligence.
And biased opinions about cephs.
Oh ya, and I watched a show that said that by the time humans die out, octopus are going to be evolving into the next intelligent life-forms on the planet ... does that help?
if you were to give cepsh an iq test you would find that an octo would score higher than a cuttle in the areas of proublem solving and object minipulation, but a cuttle would score higher in visual ricognition and social skills/dymamics. if i am corect, i believe that in order fore a being to be inteligent it must be both capable of expressing lanugage and be able to solve complex proublems.