nickreynolds - 12:18 pm on Jan 21, 2012 (gmt 0)

There is a problem here with lack of definition of "content".
It seems that the feel of the article is saying it's content versus ads. If we read "content" as text, then most sites have got a lot of stuff above the fold that doesn't fit into those two categories (navigation, nice graphics that make your site attractive to the user, video etc)
If we could trust Google, we probably agree that there are sites overloaded with ads where it's difficult to distinguish where the text is and very little is above the fold. Most of us are not worried about those sites being hit. Our fear is that Google is not very accurate in it's targetting eg Panda) and we fear that we'll be hit in the collateral damage.