Isn't common sense rooted in concentual truths? Knowledge that has become accepted as true, through acumulated experience of the community/tribe/race?
Example ~ For the people that live around lake deeper'nshit, it's common knowlege that you need 8 days below freezing for the ice to be safe for hockey. Therefore common sense would be to stay off the ice if it hasn't been below freezing for at least 8 days.
Example ~ Never pet a burning dog. Accumulated knowlege tells you if you touch fire you will be burned. If you ever had, you'd know first hand(pun), but most people believe their mother plus having some experience with hot things are wary enough not to try fire.
Of course much common knowlege has been debunked by advances in science and medicine, especially in the last century.
So, I think practical intellegence is a wonderful term in that it implies you're applying knowlege and possibly even weighing risks in a practical manner rather than being stumped, grasping for absolutes.
Excellent, Ridgeplate.