Well, I do some of both. I have trouble making enough compost to cover very far, so I put some in the planting holes and spread a thin layer around. But my soil is also pretty enriched from all the mulching. In the spring, I turn under the fall mulch and then once everything is planted/ sprouted and the soil well warmed, lay down a new layer of mulch. Also last year I started making a compost infusion (not really compost tea because not brewed, just put compost in warm water with molasses, stir it around for a little while and then use) and watering with that, to continue adding nutrients and microbes all around, not just in planting hole.