I guess everyone has a choice to make, but like I said, personally, I'd just dump the domain and move on.
I guess you really need to weigh up whether it's worth the time and effort, and then decide for yourself. I mean, you've got to add the extra content / sort the site out, then submit your re-inclusion request, then wait, then maybe getting re-included (or maybe not), and then end up having a domain that's on google's radar and possibly wont ever perform properly again anyway.
To me it just doesn't seem worth it for a shitty little site that you didn't build properly in the first place, but I guess the amount of effort you put in to rank it in the first place could also be a deciding factor.
Domains are cheap and ranking is easy, hence why I'd say to just build the site properly on a new domain if you want it to be a long term project. Or don't build it properly, rank it quickly in a few weeks, and if / when it gets hit again just repeat the process. lol
Caveat: If it's a branded company site then it's probably worth trying to get the penalty lifted.