I've wondered about octopus intelligence because of their intelligent behavior (they test smarter than human toddlers, in some respects) and also things like having the highest encephalization quotient of any invertebrate, a degree of synaptic plasticity more associated with learning and memory centers of vertebrates, sophisticated control of 5 different types of chromatophores, and the whole "embodied" brain thing which is so unlike vertebrates. My guess is that they do have a unique form of intelligence that we are only starting to be able to measure. I have wondered if someday we discover that they are able to use chromatophores as a sophisticated language system, and not just for camouflage or basic emotions. Half a billion neurons is a lot, when you are invertebrate and weigh 6-20 lb.
Another factor is that they are both predators and prey. This dual role usually makes more higher overall intelligence in the animal kingdom.