It's instructive, I think, to compare the rate of progress of machine computation with the rate of progress of human intelligence. Above is the data on Moore's Law (taken from Gordon Moore's paper Moore's Law at Forty, p76 of Understanding Moore's Law). It shows the number of individual logic components per single die (the unit of manufacturing in the semiconductor industry). Note that the y-axis is logarithmic, so a straight line on this graph would be an exponential on a linear graph. You can see that the "1975 projection" was slightly optimistic, but not too shabby at all.
This next graph (same reference, p69) shows the total number of transistors being shipped by the entire global industry. Again, it's a logarithmic scale.
If we look at the 1988-2004 segment, it's gone from a shade under 1015 to a shade over 1018 so a factor of 2000 or so in 16 years, which is a doubling time of a little under 18 months. If you thought human population was a problem, doubling every few decades, it's worth thinking about the implications of the transistor population doubling every 18 months.
But, the humans are not standing still! It turns out that the psychologists who study IQ have noticed that it's been gradually increasing, something known as the Flynn effect. All the money we spend on child social services, child development research, better nutrition, etc, has some effect. Here, for example, are some data on an IQ measure for Norwegian conscripts from Sundet et al.
(The effect has been documented in most advanced countries, but I like this paper because it has annual trend data). The paper is titled "The End of the Flynn Effect?" because they are concerned that the 1994 point represented some kind of "Peak IQ". Personally my guess would be a little more optimistic - I think knowledge of child cognitive development has continued to improve and I would hope for further improvements in this curve over time.
Still, it's striking that if we rather optimistically take the rate of improvement from 100 in 1954 to 110 in 2002, that's an improvement of 10 points in 48 years. That's 0.2%/year.
That's a doubling time of about 350 years.