I have only used 1 type of paste, I am not sure if better paste is available.
I found that solder paste is lumpy, air bubbles get into the syringe, and that makes applying small amounts of paste uniformly very very hard. I am not sure if there is smoother paste out there, I buy my paste from circuitspecialists. Paste also has a tendency to turn into an even more of a lumpy mess over time.
Using sold core solder and tinning the pads is easy and very quick.
I do 99% of my SMT work with a fine iron and sold core solder. I only use the hot air tool at the very end, mostly to make the board look pretty. I apply lots of flux and then use the hot air, it does a good job at straightening crockedly places resistors/caps and makes most of the ugly joints look clean.
If you do not have a hot air tool and paste, I do not think you are missing out on much. The exception being that desoldering SMD components with more than 2 pads is virtually impossible without a hot air tool.
My opinion is that for fine SMD work a nice fine tipped iron and a nice set of tweezers is more important than a hot air tool and paste.
http://www.dealextreme.com/details.dx/sku.7042
That is what I use for tweezers, that are fantastic.
http://www.dealextreme.com/details.dx/sku.4711
That paste is dirt cheap, I have not used it but I am going to get some once my current paste gets used up or goes totally bad.