Due to the fact that Drake is the only roadie that a CU fan can make and come back on the same day, I've been to several games at the Knapp, both before and after Drake's magical 2008 season.
Prior to the 2008 season, there were very few students that ever went to games. The ones that were there didn't have the numbers to really do many coordinated chants.
Starting in the '08 season, the Drake students started showing up, sometimes in big numbers. They tended to act like many "bandwagon" fans in that they had no knowledge of the program's history and traditions. Because they were a new group, they were able to put together a lot of coordinated chants, that I'd say were pretty creative, but not always conducted at the times that would have the greatest impact or showed a lot of knowledge of the timing of the game. As that year went on, it seems like they became more cocksure and even got pretty belligerent in St Louis that year.
Since that season, the students have started to dwindle in numbers and the cheers chants have become more and more bitter and classless, perhaps driven by some of the frustration over what has happened to the program under Phelps.
In summary, I think saying the Drake students lack basketball IQ is fair (I have no doubt that their non-bball IQ's are quite high). In all fairness, I have heard that the students come out in greater numbers/are more "aggressive" in their antics against Creighton than they are against most other fanbases, so it is entirely possible that those who went to Drake games against other opponents might have a different impression.