I am a big fan of blowing the dust out. You will get much more dust out that way. All the hidden dust a sucking vacuum does not get to is left behind. I put the computer down sideways out on my driveway outside on a soft blanket. You can see what looks like an explosion of dust that rises like a giant nuclear cloud. With the light out there you can see what you are doing much better too.
It is important to stop all fans turning when getting in real close with the air. The air will make the fans turn at speeds far faster than normal. It could damage them. They are easy to restrain. I remove fans from the computer chassis and clean both sides. Much more dust comes out. I use a very soft brush on the end of a long handle in conjunction with the air to clean the fan blades. I also remove the CPU fan from the top of the CPU heatsink and give that all a great clean out too. Tons of dust gets jammed down inside the CPU heatsink itself. Sucking may not even get to it or move it but power blowing certainly does.
You need the right tool for blowing. Air compressors can be too strong and easily damage delicate internal components. Reversed vacuums are often not strong enough. I have found a great product here that is mains powered and had a range of attachments. It blows normally but can be reversed to suck and it makes a fine vacuum too. I use it more so for blowing air. Because of the variable ends you can attach, the air flow can be varied too. On the end of a little hose too you can get into nooks and very tight areas I bet the large powered can type device may not.
http://www.godfreys.com.a..over-flow-blower-vacuum The air flow can be pretty damn fast too when needed. Fast and powerful enough to even clean out the dust that gets buried in your power supply and that gets full as well making it less efficient. You don't have to take the power supply apart. Just focus the air in through the various fan openings etc and it all comes out the other openings too. Sucking would never remove that internal power supply dust.
My computers always look pristine after cleaned out this way. I made the investment in the machine because I have four towers that all take in various amounts of dust in various locations. Synthesisers can get quite dusty inside too and this comes in handy for them as well.
My OP was not so much about improved CPU cooling as such. Although the discussion on cooling CPU's always interests me a lot. After removing and cleaning the fan I was able to easily unclip the heatsink from the CPU core and that is when I noticed the poor thermal grease there. I cleaned and re applied some new stuff and as I said the CPU temp has taken quite a nose dive. The dust in the heatsink would not have helped either if you think about it. No air flow around the fins. And the dust would warm up the heatsink as well. Not cool.