"Good enough" is a very subjective term.
It is good enough to do pretty much everyday common tasks, watch HD movies, and play some modern games on medium settings. So it is good enough to do a lot.
Edit: As for thermal compound, it depends on the brand/type. Most modern thermal compounds are not electrically conductive, or capacitive, so as long as you do not get it into the motherboard socket, you are okay. Arctic Silver 5 is one of the few popular thermal compounds that, although it still works good, many people are passing over because it still is capacitive, and has a two-hundred hour cure time - newer thermal compounds are eliminating that as well. Otherwise, in general, thermal compound that is "applied wrong" usually leads to higher-than-optimum temperatures.