Thin websites: They generally lead you to other websites with little or no time on the website of origin or they have content from other websites.
Content websites: Original content. The webmasters usually produce their own materials.
Thin websites tend to get a lot of visitors but do not keep them. I also think that in the future we will see more of these sites. It is relatively easy for others to just get content from others. In other words thin website are lazy but can make a lot of money for their owners. CPA, PPC all can work well on these sites.
Thin websites are great for parking because they offer advertisement for direct navigation. For example, http://www.icellpay.com/
Content websites resemble http://www.yahoo.com/. There is a lot of original content and you could be on their site for hours. They tend to have returning visitors and a brand.
Here is the summary:
Thin websites: Great for CPA affiliates, easy to create, difficult to optimize.
Content websites: Optimize well, original, difficult to create, build a brand.
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