The latter, which often makes for an interesting conversation at medical offices and shops when I jot down their-business-name@mydomain.com. The FastMail mobile client makes replying to those emails without “breaking character” easy.
Wow. This is awesome! I wish there was an easy way to do this in Mail.app. While Mailbox.org allows it, my mail client of choice Apple’s Mail needs that <new user name>@tld to be added in Settings.