They are completely different. The pad is Phase Change Thermal Compound and actually changes state, from a wax like semi-solid to a bubble-gum like substance. The change usually occurs at 58c in the case of Chomerics T-725 which seems to be the preffered PCTC. As posted PCTC fills small gaps very well, none of the greases , including AS can do this. The pad also has a small cushion action to protect the core. Also, AS is about the only other compound that can handle the heat and pressure of Socket A.
Since PCTC is the default compound on AMD approved HSF's (AMD hasn't approved AS), the surface of many heatsinks is not very smooth, goes without saying that PCTC fills in so they don't need to be. If you switch to AS, spend some time lapping the base.