I like to call it Thermal Glop, personally
It's the most descriptive.
TIM conducts much better then air, it needs to be thick enough to bridge any gaps caused by uneven heat spreaders on the CPU and uneven bases on the cooler.
I've had the most consistent results by putting an X on the cpu from corner to corner, then a little dot in the middle of the triangles the X makes. These are small lines. (Sidenote: for heatpipe direct touch coolers, a line down each heatpipe and a small small line down each spacer between pipes has been best for me)
If you have good mounting pressure on the heatsink any excess will simply squeeze out the sides and hang out there.
If you use far, far, far too much you'll have issues.
cpuNB does need to be raised sometimes, especially if you're populating all the memory slots or OCing the cpuNB. That said, a little goes a long way, odds are 1.25 is enough (or more then enough) for anything a non-bencher is likely to do.
The NB voltage (not cpuNB!) stock is 1.1v for 700 chipsets with no graphics, and generally 1.3 for 700 chipsets with graphics. 800 chipsets i have no idea. The iGPU chipsets get pretty toasty, a fan or a cooler that puts air over 'em is a must IMO.