Pay attention to actual thermal conductivity values. "graphene" is no longer "graphene" when its mixed up in a compound. It has some interesting applications for batteries, but as a thermal compound... not so much.
Now, paying attention to their claimed value of 11.11 (a far cry from the 4200 haha), arctic silver 5 is 8.7, tx-2 is 4.4, the average thermal paste is between the 5 and 7 range. Now, upon initial application, with equal coverage, equal mounting technique, proper fit of the cooler to the cpu... etc the higher the conductivity, the better performance will be. Thats not debateable. The problem, graphite disperses in volatile compounds, which means they will evaporate over time. As it evaporates, it will create voids of air, which has a conductivity of .015.... Naturally thats a problem.
My 2 cents on this? proceed with caution, and monitor temps over time. I'm willing to bet the "thermene" will kick butt at first, then get progressively worse over time as the glycerol base evaporates out of solution. How long? I'd like to see that myself honestly.
edit: Fwiw, AS5 is oil based, not alcohol based.