My gut response says that involvement is a higher priority than content in that you can’t have a community without involvement. I don’t mean to negate the importance of content. You also can’t have a community without content. I tend to believe that, if you build it, they will come, and building the sense of community will bring people in.
That being said, I don’t think that it necessarily needs to be the community manager being the active one. As I understand it, some community managers hardly have the time to turn around. They would need to delegate to their moderators.
The thing is, the community can’t be all about the manager or moderator.
I feel like that answer is all over the place. Let me know if I made absolutely no sense to you.