Content means actual, original content. My 2 cents.
I also think it's a good idea to have a good rough estimate like this. It helps others who are new and want to make more understand how much they'll have to do. But the thing to keep in mind here is we are talking CONTENT - not rehashed rewritten garbage that's already on the web 1,000 times already, or "Free Content" or Press Releases taken from the press wire services.
Content means actual, original content.
My 2 cents.