Sometimes after running for awhile at a higher speed, the cpu gets 'acclimated' to the higher speed and sometimes the 'burn in', helps reduce some of the resistance, allowing cooler temps and even ability to reduce voltage to get the same speed. Some variant of this may have happened though I seem to have hit a brick wall around 2400 mhz (still tinkering).
Also details about compound, time since installed? Did you need to increase voltage to get past 2720?
Last but not least, the fact that you were able to run at higher speed/temp may of course generate more heat which would tie in with your idea about what is happening. I would guess it is some combination of all the above. I think I'm going to let my machine fold at 2500 mhz for awhile so I can get a little more. Thanks for the inspiration!