Using a higher-grade thermal compound than you currently have will always be worthwhile if you're going to be stressing the system (even just normal stress with no OC'ing). I haven't gone and read through any of the _Dell-related posts you've referred to (hey, like most people I'm inherently lazy and no link was provided

), so I'm going to use the vast powers of pure speculation and say that many, if not most, of the problems you referred to are more likely the result of not properly applying the new thermal compound.
Basically, properly applying new thermal compound is a bit like putting on a new head gasket in a high-performance engine. You have to be very meticulous about cleaning off every single last bit of the old compound, and removing any residue that might be inside the pores of the metal on the CPU and the heatsink, and then you have to be equally meticulous about making sure that the new stuff is applied as smoothly and evenly as possible, and with the greatest maximum coverage and no overspill.
That's very difficult to do (I've tried it a time or two - both gaskets and CPUs) and probably the biggest problem is going to be leaving too much residue from the old compound, especially little solid particles, or not getting proper coverage when putting on the new. Basically, anything that gets in the way of full contact between CPU and heatsink is going to cause problems, and in an extreme case might cause localized hotspots on the CPU that could do damage even if the overall temp reading is within normal range.
As a simplistic analogy, think of the old fairytale of the princess and the pea -

your CPU is a princess and even the slightest bit of leftover from the old compound is one giant pea (ok, ok, for the macho types, it's Xena the warrior-princess

feel better now?

)