Ya less is definately better. The purpose of thermal compound is to fille the space betwen the CPU and heatsink with something more conductive than air.
However, thermal compound is not very comductive, so you want the least amount possible. You ONLY need it between the core and the heatsink,
so spreading it around the entire heat spreader is not needed. The greater area you cover, the better chance of air pockets. Not to mention making an unneeded mess.
They also recommend rubbing some compound into the heatsink to fill microscopic gaps, although the need for this is less with a wel lapped heatsink
After years and years of various techniques, I have to say the people who makes AS5 know what they are talking about. For a dual core Opteron I use a little more than
they suggest...just to make sure that I have enough when my heatsink starts slippin and sliding. It also helps when you have a bolt on heatsink, since you
may not have a chance to twist it as recommended.
If you have a dual core, look for some pictures of your chip with the ISF off so that you know where the cores are.