Yep, you are leaving money on the table if you do not at least test out the content network. Due to smart pricing you will usually end up spending significantly less per click than you do on the SERPs.
That being said, "contentless" pages do convert. People only arrive at scraper pages through search engines. In fact, now they have to click twice to get to your site -- that means they really are interested in what they are looking for.
Am I say spam is alright? No, I'm just saying it isn't worthless. Search engines are the ones that really have to worry. As a publisher, its a pain in the butt, but spam has no longevity in this game. Right now a spammer might be pulling in $50,000 a month of his sites, while I'm pulling in a couple of thousand. But, I know that 5 years from now those sites will be worthless, while I might be having people begging to buy mine.
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