Post + replies (most engaged conversation first) but with a quoted "replied to" note for replies just like Iris.to does. It gives replies a context as seeing emojis replies constantly in a feed without any context is not a great UX.
Discussion
And thanks for all the work on Amethyst, it's an amazing client for Android and I love refreshing fdroid/github everyday to see a new update, it brings great joy to me to see this thing evolve at such a rapid pace.