Very well said. The big thing to remember is that there is a lot more than just the paste with regards to heat transfer. The finish of the bottom of the heat sink (basic machining vs mirror polished finish), the proper amount of spring pressure, the material the sink is made of, and of course the thermal paste all contribute to how a heat sink functions.
There have been several instances where just for kicks I took a heat sink, sanding block, and several finishes of sandpaper down to 2000 grit and wet sanded the bottom of the sink down to a mirror finish. Took about an hour to do, then installed it on some AMD processors which I proceeded to run without paste for several months with no ill effects.
It ran a stitch warmer under full load, but it certainly didn't shut down, reset, or catch fire in a blaze of glory. The only purpose of it (paste) is to eliminate -air- from being between the CPU and the heat sink, because air is an insulator which prevents quick heat transfer. The paste only fills the microscopic holes and gaps between the sink and the CPU and provides better transfer than air, although not as good transfer as a physical metal-metal connection.