Ceramique or AS5 for air?

What would be better for overclocking? I've used AS5 for many years now, but was curious how ceramique stacked up.

I wouldn't expect too much difference in temps. Maybe 1-2C. My suggestion would be to go with what you have. If you are out, maybe try looking into some MX-2, but again, don't expect a huge drop in temps.

Yeah the temperature differences aren't going to be massive, but out of the 2 you've listed I'd go with AS5.. I've only had good experiences with it.

Ceramique. Absolutely. Spreads better, is easier to apply and definitely easier to clean up when it comes time to re-seat or change heatsinks. It's a great thermal paste, both for CPU's but also for chipsets for RAMsinks I've found.
I bought a 22g tube for $10 and If I didn't run out, I'd still be using it. But as it stands now, I'm using a new(er) tube of MX-2. Pretty much the same consistency as ceramique only it's grey, and has a different composition.
Again though, ceramique is the better TIM, but if you are looking for an upgrade from AS-5, I'd probably just go straight to MX-2.

Ditto on the Ceramique. My biggest consideration was that Ceramique doesn't have the electrical capacitance issue that AS5 does. You don't have to be worried about accidentally frying something if it gets where it's not supposed to. From their own web site:

While much safer than electrically conductive silver and copper greases, Arctic Silver 5 should be kept away from electrical traces, pins, and leads. While it is not electrically conductive, the compound is very slightly capacitive and could potentially cause problems if it bridges two close-proximity electrical paths.
Céramique does not contain any metal or other electrically conductive materials. It is a pure electrical insulator, neither electrically conductive nor capacitive.

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Indevolatile said:

Ditto on the Ceramique. My biggest consideration was that Ceramique doesn't have the electrical capacitance issue that AS5 does. You don't have to be worried about accidentally frying something if it gets where it's not supposed to.

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If applied correctly, you don't have to be worrying about it getting where it's not supposed to be.

Yeah, but it can happen, especially when you are using it on something like a vid card instead of the processor. And the old pre-BGA (TSOP) ram they used was especially susceptible to getting a bit of tim across a couple of legs and AS5 giving it fits.

Big fan of Ceramique for the reasons listed above. Ease of use is important to me