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It really depends on your market segment/what you're trying to do. It also depends on what level you're at.
If you're starting out, content is a waste. You can make it with traffic and no content, but not vice versa.
Once you progress, it's worth it to acquire some good content. A good example would be any of the programs that started early and gradually brought out quality content/sites (ARS is a case in point -- complete crap for years whilst making millions). Now that they have millions they have the luxury of bothering with quality sites. That particular business model has worked for every single reasonably sized program.
So, to sum it up, traffic is more important..
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