Seconded, as the thermal compound settles in due to heat cycles, mirror finishes usually wind up with a pumping action on the thermal compound that will eventually introduce air voids over time. There are some good examples of this issue on the IC diamond thermal compound website.
A good flat lapping "wet sand" to 1000 is all you need, can even go with 800 grit for less critical applications, or longer lasting thermal compound application. The grit/directional groves will provide "tooth" for the thermal compound to reside in and high points/ridges for nearly metal to metal contact as the thermal comound settles in from heat cycles.
Too much clamping pressure on a socket 775 CPU retainer clip can deflect the IHS and make any lapping about useless, with the CPU retention clamp removed, using a pro/bolt down heatsink mount to fix the CPU to the socket, using just the pressure of the cpu heatsink mount or waterblock mount will elliminate the IHS deflection issue. If the IHS is not deflected by the CPU retention clamp, the lapped cooler/IHS can provide even better cooling with less thermal compound needed. This issue may be the reason that most of the Intel 775 thermal compound guides suggest using a blob of thermal compound, or short line/blob for quad cores. With the blob method for these CPU's there is enough thermal goop inbetween the CPU IHS and cooling solution, to fill the voids in the non flat surfaces.
Without the CPU retaining clip, the cpu IHS remains flat, or nearly so, with the IHS flatness un-effected by a CPU retention clamp, you can apply the thermal compound less liberally, a slight wipe of thermal compound on the bottom of the cooler, and the credit card method on the IHS, or the other way around.