Dire straits...
Man... that has to be the scariest thing I've done in a long time :S
There's several things I'd like to make people aware off.
First of all, I haven't been on the inside of a computer for 6-7 years... so opening this was indeed like a first time again.
Apart from all the small cables and jumpers the OP highlights (and which you really really really need to treat with silk gloves) there's the fact that you have to take out the battery cable as the very first thing.
I was slobby... eager, and didn't. This resulted in a small spark when my screwdriver touched the logic board just next to that miniature cable (which I'm not yet sure wasn't a short :´( ), I quickly removed the battery cable after that.
The cable in the right hand corner with the metal clamp... be careful with that as well, both when removing it and reinserting it. My butter fingers put slightly too much pressure on the cable when reinserting, resulting in the clamp jump of the cable :S It's a nasty one to get back into place....
The thermal compound was very similar to what others have posted. Too much on the side and uneven on the chip.
I recommend preparing well... it took me several (10-15) digi cloth to remove the compound properly.
To reapply I took notice on people mentioning that you don't need too much to make it cool, so I did a thin worm on both chips and spread it out with a plastic straw that I had surfaced cleaned before use. It seemed to make it nice and even.
But well, let's see if I still have a computer that works after that small spark

Right now it's installing OSX on the new harddisk I installed at the same time. Will report back later with temperatures and what not...
Cross your fingers that I didn't f up too much
Update: Finished installing everything basic. Here's how it looks in the temp department while on one Safari session.
Edit: Updated the screenshot to todays idle temps... a bit better still.