I agree that the CPU needs cool air and I personally think the the fan vlowing toward the heatsink and CPU is the most efficient. However, even if the fan is exhausting - blowing away from the heat sink, cooler air is still being drawn across the heatsink and CPU. I just don't think doing so is as efficient.
It's about the way air moves... If you stand behind a fan you don't actually feel the air motion, because 90% of it occurs very close to the fan in a very disorganized way as local air pours in to fill the vaccuum behind the blades.
This same air becomes the air stream you feel from a goodly distance in front of a fan. You feel it, because it's organized... it penetrates and travels.
This is what they call the Bernouli effect... moving air gathers more moving air along with it. The problem is that Bernouli's effect only works with pressure, not decompression of air (or fluids). The blowing on the palm example is one simple demonstration another is to bundle a garbage bag and blow it up like a baloon... it's going to take a lot of huffing and puffing to blow it up. But if you hold the end open and simply blow into the bag, you can inflate it with one good blast of breath. Because the air you blow into the bag gathers other air with it and causes a momentary pressure burst.
This relates to fans in that the front of the fan (which normally faces the heatsink, blowing air into it) creates pressure inside the fins, forcing air deeply into the blades getting far more heat conduction, whereas reversing the fan counts on a vaccuum to cause an air inrush which is mostly going to happen immediately behind the fan, with little or no penetration into the fins themselves. It will simply take the path of least resistance to fill the small pocket of reduced pressure right near the blades.
An odd confirmation of this is that a fan will spin faster when drawing air off a heatsink than when blowing air in... because the Bernouli effect causes pressure when causes resistance against the fan blades... and it's that pressure that drives cool air across the entire fin surface of the heatsink.
WHEW... does that help?