Is this really true? (honest question). I can imagine GRE scores not being important, but I always thought that good grades were a kind of baseline for admission. As a thought experiment, do people with terrible grades,(but good research backgrounds, say) get into a good PhD program in CS?
But certainly the top schools don't simply take the students with the best GRE scores or marks: there are many rejected applicants with perfect GPAs and great GRE scores, but no research experience.
Among the general population, skill at taking physics tests probably correlates pretty well with skill at doing physics research -- both are dominated by people who know something about physics.
Once you're among the people in the physics Ph.D. program at an Ivy League university, the correlation is pretty weak.
Of course, to the extent that you measure "research skill" by things like "number of papers produced" or "amount of grant money attracted", anything that helps you get a more prestigious adviser at a prestigious university is correlated with "skill". Ergo, it doesn't hurt to be good at taking tests. But after you've passed your graduate qualifying exam, you can afford to stop worrying about tests, pretty much forever. Real life -- even university life -- is about other things.