You know, I'm going to go out on a limb here and say the contrary to what is being said. Give me production value any day, and I'll come up with the content.
To me I know that by having a production value heavy shoot, you have a by far better looking film than if you don't. For example, period pieces. I shot a WWII short film and I had 20 people all dressed up in the exact uniforms, both Nazi and American as well as some refugees. It was very historically accurate and I can tell you right now that with my actors putting those uniforms on and walking around in them, their performance changed dramatically. They were able to fully immerse themselves in the world we are trying to create. The more you can make your actors believe they are in the world they are supposed to be in the better. They won't be trying to think, "Oh, how would I act in this world?" And they also won't be taken out of the moment. My actor who played the Nazi soldier in my film is one of the nicest guys in the world, I actually was very concerned when I met him at the audition because he was too nice. I loved his attitude and look for the part and I casted him. Once he put the full SS Nazi uniform on, he was engulfed by the character and it comes through in the film. He told me later that the costume had a power that it gave him unlike any other.
Obviously, there HAS to be content to a film. But think of it this way, if we as filmmakers believed there was no content to our films, would we bother making it? Content is something that is open to opinion. Some can say "It was deep and powerful" and others will say, "It was crap." But when someone sees a bunch of WWII soldiers walking around with period jeeps, camp, weapons, etc., they can see the difference in the film right away.
Just my humble opinion. (Also, the trailer for my WWII film is on here in my personal films if you would like to see.)