Interesting that the oil (and usually it is an oil) drying out is considered a bad thing. I was under the impression it was just a carrier so the tiny particles of the metallic "dust" could migrate to fill the tiny voids. Volumes where written about this years ago.
Now there are a few speciality compounds that I am not up on, but if you read the description of how AS5 works (I picked it because it is likely the most widely used) it requires no "changing" and drying out which they refer to as "phase change" is by design.
http://www.arcticsilver.com/as5.htm
The oil/carrier is not part of the thermal solution long term. It is designed to dry out. At least for AS products.
It is because of this that AS5 needs to "cure" a bit for optimal performance.
MX2 another very popular compound says this.
http://www.arctic-cooling.com/catalog/product_info.php?cPath=39_&mID=127
Can anyone find a compound that does recommend "refreshing" on a reqular basis ?
I didnt vote for obvious reasons.
I always thought the paste was more along the properties of cement, and drying was actually a good thing. And that the oil was only used to help get the product out of the tube and spread around easier. But it makes sense that it is also used to help facillitate filling in any inperfections on either metals.