This is just my opinion, but for me I think of content as the things you 'do' in a game.

Hunting for glamours, such as crafting items or running dungeons/raids to collect pieces etc, is 'content.' Or rather the crafting and dungeons are content and the desire to glamour is a motivator to do the content.

Races I don't see as 'content' because they're what you play AS, but they don't directly give anything to 'do.' You do the same dungeons, the same raids, the same quests etc. The gameplay experience doesn't really change. Now that's not to say I think new races are a waste, they're not. I just wouldn't call them content.

Classes are a gray area for me generally. They come with quest lines that are content and come with new spells and abilities, but you're doing the same dungeons/raids/msq with them. I consider a job more 'how' you do content than content itself. (Again though, new jobs are important to the health of the game, me not thinking of them as content doesn't mean I don't think they're valuable.)

But that's just me and how I think of content.