I have a Reference site that I put together in 2007. I admittedly was a member of the founding content-based article link network. Before google took a stance on it. It seemed some what legit, at the time. Submit a 700 word article and you put a link to you in it.
Once Google took a stance the site was slapped in 2009. A bad links notice showed up in my Web Master Tools for it. I basically went on to other projects in 2009.
I just looked at the stats of the site and see that about 10,000 people are visiting and using the site daily. The webmasters tools and links look healthy too.
Do you think given the 9 years since the slap, the site can still grow?
or
Will old penalties still have a lasting affect and limit growth potential?