In principal and in fact Rice is right. However, if you don't have any compound and you "take a notion" to put your heat sink on (mine had been in the box since I bought the copter as I was too afraid to disassemble the little bugger till the other day) it will and does perform adequatly without.
If proper planning takes place and you shelp to the Rat Shack, how much compound you wish to apply is a subject of much discussion

I will submit thou, much like a computer chip (I used to assemble computers) veeeeeeeerrrry little does the job. You DO NOT need more than a small drop (size of a strawberry seed) in the middle of either side. I hope this helps.
Rikybob