Arctic Silver epoxy thermal conductivity is listed as "greater than 7.5W/mK". The problem is that this could mean 7.500001 W/mK, 8 W/mK, 9W/mK, .... Who knows.
But if we take the conservative value of 7.5 W/mK, we can estimate the thermal resistance for AS epoxy, compare it to AS5 compound, and examine the impact of any difference for the example of a Cree MC-E driven at full power (about 10W).
The slug area of the MC-E is 5.4mm x 2.6mm, or about 14mm^2. Let's assume a bond line thickness of 0.005", or 1.27x10^-4m. If we use Arctic Silver 5 (thermal conductivity of 8.89 W/m-K), we get a thermal resistance of 1 K/W. For AS epoxy, we get 1.2 K/W. At 10W of power draw by the MC-E, probably about 80% of that goes to waste heat, or about 8W.
Thus, when we use AS5, we get a calculated temp increase across the bond line of about 8C. For AS epoxy, we get about 10C.