I don't consider the Yellow Pages to be content, just hard-to-gather data. For this site, the top level is data which points to content. The comments are the content, for me.
Aggregating data is content if the data in aggregate has more value than the pieces do independently. Isn't that essentially what all content is: a new organization of pre-existing data that has more value than the pieces separately? A song is a particular ordered collection of sounds that has more value than its individual pieces.