DEFINITELY the former. I wan't to hear some real exploration and risk taking, no Coltrane influence necessary. For me the only cut-off point that I've found so far is anything that sounds like Coltrane's post "A Love Supreme" stuff. I can't get with "Meditations", "Ascension", or anything that. But I would much rather listen records like Eric Dolphy's "Out to Lunch" or Elvin Jones' "Puttin it Together" than a straight bop record on which the musicians are just safely showing off their chops.
Have you listened to "John Coltrane Plays?" That is one of my favorites, the first record made after Love Supreme, and closer to Love Supreme than to Ascension or Meditations.