Old site with some content

Hey
I created aggregator website (PR1) couple years ago and just plainly pulled stuff from the internet and added some comments or copypasted text and reposted. This could have led to google penalties even. I did not know anything about SEO that time and just wondered why I am not getting any traffic. Now I have 460+ posts there around different topics in technology, design and such but really no text more than couple sentences per post.

The big question is that should I rewrite or add more content to every post now? is it worth the job? site has 10-20 uniques per day (nothing) but occasionally some old post goes viral and brings spike of hundreds uniques for couple days.

Site has 2 adsense locations but as you know with the traffic I have, they don't generate anything. Any ideas?

Just start adding new content I'd say. You'll benefit from site age and established relevance.
You could also link out from the site to help with other site building.

So your saying that refining old content for better indexing is not worth the time?

I think you have to do good search in the google relevant to your niche, and find out that what people actually need. Then create some original posts with very high quality and satisfied information and the contents must be 100% copy scape passed, It will help i guess.

All a bit hypothetical without knowing the specifics, if the content is really thin scraped stuff I'd start from bew based on the popular subjects. If there is more meat to them, a rewrite might be worthwhile.

Working on the principle that a new post will be crawled and indexed quicker. If specific old posts have good back links then editing them would make some sense.

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You have good point. However I am putting new content up with more help of Yoast SEO plugin which has good indicators about the content quality and SEO factors. Old posts, about 400+ posts are either only couple sentences or copypasted from other site. The issue is that I don't know whether it's worth the time to rewrite them due A) they are old stuff B) viral stuff is hard to rank due bigger sites done it when it was relevant.