In other words, the albatross fly over the water, and when they see small, colored things floating near the surface, they assume they're small fish or other edible things. Up until quite recently (on the scale of albatross evolution), this was a pretty safe assumption.
So, no, low intelligence and/or desperation aren't implicated; rather, it's a matter of habitat and how prey are identified.
It may also have something to do with the bird's gizzard: some species of birds regularly consume rocks to grind food in their gizzards. It's possible that the plastic items are substitutes for the rocks.
From the Wikipedia article, it sounds like the plastic is not the worst threat to the albatrosses, but it's certainly a graphic one.
http://en.wikipedia.org/wiki/Albatross#Threats_and_conservat...
- cat or eagle specifically look and wait for prey - albatross and other marine birds and animals do look for prey as well, but they don't have the luxury of wait or the ability to choose what parts do they eat