Flakiness has nothing to do with intelligence, in my opinion. As Halx says, it's about whether you can be counted on or not. Hence the use of "flake" as a verb: he flaked on me, he flaked out, etc.
I know some very smart people who won't carry through on what they promise, and _always_ have a very good reason (they are smart, after all). But two or three "very good reasons" later, one begins to see the truth.
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