About AS5. It is almost all thermal conductors; the 1/1000 part oil is a suspension material to keep the metals from turning solid. Pure oil would be an awful thermal compound and would cause a CPU to run warmer than with pure water.
But the thermal conductivity of AS5 isn't a big deal considering how thin the layer is. Rather, we're interested in the maximal interfacing surface it gives us for the heat to pass through. The conductivity is just a safeguard in that should we apply a thick layer of AS5 (perhaps due to rough mating surfaces), we'd still see good thermal conductivity.
Well, as long as you use enough oil...... http://www.tomshardware.com/2006/01/09/strip_out_the_fans/
Actually, I think all those metals
are solid in the suspension; just fine particulates. And technically, most of them are ceramics, not actually metals (though I believe the silver is indeed in metallic form). Though on second thought, I'm thinking you meant "stick to each other" instead of "turning solid."
btw, unlike Cu and Al, silver WILL oxidize under normal conditions, and significantly. Don't buy silver heat sinks for anything you need to keep cool more than a couple months.
And the thermal conductivity of AS5 actually is somewhat of a big deal. You're right that the thinner it is, the less the actual thermal conductivity matters. But that doesn't mean the thermal conductivity doesn't matter. Your transfer goes as follows:
Chip (actual silicon) ---> walls of CPU (metal) ---> thermal compound ---> heat spreader material ---> air, normally via fan, or some other fluid (like a liquid in liquid cooled rigs)
I'm not sure of everything inside the actual CPU unit, but I imagine the thermal transfer kinda sucks between the actual silicon and the metal. Dunno how this is bonded (anybody else have insight here?). The surface of the CPU and the surface of the heat sink both play significant roles in the equation, and it isn't just surface area here. A very rough surface gives you more surface area, but usually not better thermal conduction. This is for two reasons, I believe. 1. Surface roughness makes it difficult to mate properly to another surface. Little bumps mean it's tougher for a thermal compound to get into the little crevices in between. So, if there are any gaps (bubbles) where the surface of the processor isn't in contact with the thermal compound, you've gone from conductive heat transfer (best) to convective (much worse - think how heat travels in air from one room in your house to another. Very slow) and radiative (worst of all). Whenever possible, you want 100% conductive heat transfer through only highly thermally conductive materials. 2. Probably to a lesser extent in your heat transfer problem, a rougher surface is going to have more surface oxides (or, more volume of surface oxides) between your two base metals. To visualize this, take a thick marker and draw a jagged line and a straight line. Think of the mark the marker lays as the oxide. You can see the path the heat has to take through the rough surface looks a little longer.
Now, before anybody goes polishing their processors and heat sinks to kingdom come to try to get perfectly smooth surfaces to mate against each other, the flatness of your parts is going to be way more important than the surface finish - if you manage to polish either the processor top or the heat sink mating face with any degree of concavity (VERY easy to do unless you're using a dead-flat polishing tool), you're making your problem bigger by making the gap between processor and heat sink bigger. Unless you're pretty good at metallurgical preparations and have the right tools, you're probably better off just wiping with some isopropanol (note: not acetone; it leaves a residue which adds another barrier for the heat) and attaching everything.
As far as Cu+Al heat sinks, if they aren't brazed, steer clear. Riveting metals together does almost nothing to help you. If they aren't brazed, all you have is a block of copper that looks fancy. Also, I'd definitely avoid anodized aluminum. Anodizing significantly increases the layer of oxide on the surface (from tens of nanometers to as much as a couple hundred microns), plus it adds paint. You're essentially insulating your heat sink.
I: with regard to oxides on heat sinks: you're right that you should never need to worry about oxides except on the base in normal conditions. But just remember: people do crazy things to computers (my favorite story is when a friend of mine accidentally dropped powdered laundry detergent into her desktop - corroded everything). The base connection with your CPU should never oxidize beyond the condition it's in when you attach it - with thermal compound in the way, no air can touch, so nothing is going to happen to it. Definitely make the effort to clean the base before using it, though. Machine oils, your finger oils from touching it, dust, and any residues will decrease the efficiency of the thermal transfer.