Sites on the web exist as managed content or as dynamic Web applications, or somewhere in between. In reality, almost every site out there (with a few exceptions) is some mix of both "content" and "application". They are all mutts. Including yours!
The question is, what kind of mix is right for you? I like to break the full continuum into four buckets (yes, you can quote me on the naming):
Each bucket has its own pros, cons, and other considerations. Christian Burne recently blogged on strategies for dealing with the integration challenges of hybrid sites. Here's a little more detail on each bucket:
Content
Description: A site delivering managed content, usually as static HTML, without application functionality
Example: Traditional Web Content Management (WCM) solutions, brochureware
Pros: Straightforward content management and deployment; mature COTS and open source options
Cons: Not very interesting and/or interactive
Contapplication
Description: Managed content with some injected application functionality
Example: WCM solutions with Web 2.0 add-ons (blogs, forums, wikis, comments, etc)
Pros: Adds user-generated content (UGC) and interactive interest to site; community participation; can leverage best-of-breed components for content and functionality
Cons: Complexity around managing/moderating UGC and integrating or deploying dynamic functionality
Applicontent
Description: Application that incorporates managed content
Example: Custom Web application using a content repository (e.g. JCR) or Content Management System (CMS) as a datasource
Pros: Externalizes content from the Web application; provides workflow and deployment mechanism for content; can leverage best-of-breed components for content and functionality
Cons: Complexity around integration of the content repository; usually lacks WYSIWYG editing of managed content
Application
Description: Pure dynamic Web application
Example: Custom CRUD application, other Web apps without managed content
Pros: Simple development and deployment cycle; no integration complexities
Cons: Content update features typically built from scratch (reinventing the wheel), or content updates are handled as application deployments (cumbersome)