Assume I am correct -- that Diamond TIM with Ultra-120-Extreme and E6600 @ 3.3Ghz full load will show a load temperature of 3C less than what AS5 yields.
Other benefits: Non-conductive; non-capacitative; does not degrade over time; can be "re-used" -- possibly with the application of a thinner diamond paste like CK4800 to replace evaporated greases or medium.
At this point, I have completely foresworn use of AS5 unless there's an emergency and it's all I happen to have in my PC Tools and Materials box. If one plans to install an aftermarket heatsink, if one is sure that it is the best heatsink or preferred heatsink for the application, then one would not plan on removing the sink often and replenishing the TIM.
So at about $5 for three applications, IC Diamond is more convenient for me than mixing micronized synthetic diamond powder with JetArt CK4800, or with other silicon-based greases.
"In a pinch," though, the DIY mix the way I apply it seems almost equal to the IC Diamond in performance. I just never thought about inhaling the stuff or that there might be possible hazards. In my practice, I just prepare the IHS and heatsink base with CK4800, and then carefully sprinkle some of the diamond powder on the CK4800 layer so that the pin-head sized sprinklings are evenly distributed and with a density that would surely thicken the JetArt base, adding significantly to the particulate loading. But if you asked me what is the percentage of diamond-loading in this mixture, I could only offer a guess of "somewhere between 50% and 75%."
I like the lense-case idea, though.