I prefer seeing the depth, because that tells me how off on a tangent the node is likely to be. Sometimes, I want to see the tangent. Sometimes, I don't. It's very disconcerting to see "Re: foobar" and find that it's 9 replies deep, not 1 reply deep.
What I would love to see is two links off of Newest Nodes - the one we see now and Head (or something similar). I often find myself clicking on a link, then not even reading it until I click on the head node. I like having context when I read and I can't keep the context of the 10 threads I'm reading throughout the day straight.
We are the carpenters and bricklayers of the Information Age.
The idea is a little like C++ templates, except not quite so brain-meltingly complicated. -- TheDamian, Exegesis 6
Please remember that I'm crufty and crochety. All opinions are purely mine and all code is untested, unless otherwise specified.