<< thermal compound can be both "thermal paste" or "thermal grease" but can never be a "thermal pad". >>
Ok, let's not get hung up on symantics here. The little "pad," aka TIM (Thermal Interface Material), on the bottom of the heatsink should be removed immediately and replaced with real compound - if you are here on this forum asking then you should just do it. You'd understand why if you ever tried to remove the stuff after it had already "burned-in." It's a bloody nightmare...it sticks like rock-hard bubble gum to the cpu and heatsink. You literally need to scrape and sand it off. For system builders selling to nimwits who they don't expect (or want) to ever, ever take it apart or overclock, I guess its ok....although still inferior thermally.
If you are building today just go to radio shack and use that temporarily...then order some AS-II and replace it when it gets in. The Radio Shack stuff is terrible and over a short time it dries out and becomes cake under the cpu.