Which Came First Content or Navigation?

Actually this post should probably be titled “Which is More Important Content or Navigation?” The term “content is king” has been around for at least as long as I have been involved in web design which is quite some time. I have heard this saying repeated over and over. However in the other corner you have the usability group usually lead by Jakob Nielsen which leads me to the question; after your sites aesthetics which is more important to a users experience content or navigation?