FWIW, were I to play a sentient cephalopod, I'd probably go the "cold, logical intelligence" route.
I say that because I've seen a lot of the videos of cephalopod behavior. They're wicked smart and powerful predators- I've seen videos ranging from them opening jars to get at crabs (alluded to in Deep Rising) to taking down sharks in academic reef tanks (the scientists were worried that the octopi were in danger in the tank...).
I've also had discussions with people who actually work at some of the major aquariums. One guy said that an octopus in their quarrantine area was climbing out of its tank- at night, when no humans were around- and eating fish in other quarrantine tanks. That meant it had good vision (it spotted and identified prey from a distance through distortions caused by water, glass, and air), an awareness that humans could be a threat (it waited until they were gone), and the will and determination to crawl several yards through a hostile environment in order to get a meal it preferred over what it was being fed.
Another person told of how a Giant Octopus about 6' in diameter actually grabbed one of his coworkers and tried to drag her into its tank. It used 3 tentacles to anchor itself into its tank and the other 5 to wrangle her towards the water. It took several people to fend off the attack.