Haha that must've been a real heart in your throat moment. Glad it wasn't as bad as it seemed...
This is really disappointing from Intel after the greatness of Sandybridge. I guess when you're in a dominant position you can rest on your laurels, and as has already been pointed out this "issue" won't affect the non-enthusiast crowd, and the chip still functions albeit at much higher temperatures. Intel's argument will be that they never guarantee any kind of overclock, much less 1Ghz+ over stock, or at any given temperature. As long as it's below Tmax they don't care.
My gut feeling is they won't change this process if it saves them a not insignificant sum of money and it doesn't affect OEMs.
The poor quality of the TIM and the liberal application of it is not really that surprising in the grand scheme of the volume of CPUs they need to produce. You can't expect them to lovingly apply Liquid Metal or whatever like an end-user might.
Part of me thinks that the return of slicing IHS off, making overclocking more of a hardcore thing like the old days, etc is an interesting thing. As I've gotten older though my desire to do things like this is rapidly waning, especially with the knowledge that removing the IHS equals instant warranty voiding. I, like many others I suspect, would pay a little extra for a soldered IHS with presumably similar if not better performance than Liquid Metal is showing in this thread.