I don't think content marketing is "flawed" necessarily, but it's definitely a bear of a marketing strategy, and shouldn't be embarked on with anything less than 100% commitment.

I agree with you that businesses should engage because they want to, and not just because doing so has the potential to bring them new businesses. But considering how most businesses can only be convinced of social media's value by showing them the business value, I think "engage because you want to" is too soft a sell at this point in time. Maybe in a couple of years, though...