You say you have content but is it "unique and compelling" ? Does anyone, anywhere else, use the same words or talks about that same topic? Then it's not unique and GoogleBots on Google's 'support forums' will gladly tell you that *
* This does not apply to brands or sites that can embarrass Google on Twitter, Wired or NYT
Content is useless, I noticed it after the second Panda. Now looking at Wisegeek (by accident I went there) their content is actually very good and very much improved. A few weeks ago they had no ads either and when I checked they saw no traffic increase at all.
The downside of having no content sites is that Google will ban them for being thin, maybe in the next hour. Of course you can't complain because you had a "thin site."
Bottom line, as some have mentioned, enjoy the Google monopoly, they don't care and have no incentive to care, until their earnings hurt. Google's advice, the algo and our position always change. They only thing that doesn't change for the worst are Google's earnings, going up with each 'search quality improvement.'