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Couple of comments.
IQ: It depends on what scale you use. One of the widest known and used tests is the Wechsler adult intelligence scale (or WAIS). Genius level (or "Very Superior") on that scale starts at 130, so Ray is well into to the genius level if his 140 is on that scale. He's also shown to be very smart in some areas, while still stumbling in others (hence why Felicity has been able to solve some of his problems).
Ray Palmer/ATOM: He's going to be around as he's one of the people who'll be in the spin-off series. As for his shrinking abilities... yeah, there'll probably be "side-effects" to him being injected with his nano-technology (que flashback of the hospital scene and his seizure). Then they just have to figure out how to shrink his suit too, but, as mentioned above, Felicity will apparently help with that too.
Stupid show/complaints: I'll reiterate what I've written several times before. If you think the show is that stupid, stop watching it!
If you continue watching it and then come here to b%+%# about how stupid, sad, wrong, boring, CW'esque etc. it is, then all that does is show you to be someone who watches a show they don't like in order to go online and b%~~% about it.
But maybe that's your sthick...