I would prefer the second one, it looks like he will leave it up to you to make the changes or fixes. I wouldn't want an agent that was too involved with every little sentence.
I definitely think it varies from one author to the next how much they want editorial guidance, but for the record/just to be clear, I'm not in there rewording sentences.
usually it's comments like:
-I don't know who X is. remind us of their relationship?
-She already got out of the car two paragraphs earlier. Tweak?
-This seems inconsistent, since earlier she WANTED X. Now she doesn't? Why the change of heart?
-Can we get more dialog tags here, and/or actoins that convey his reaction/feelings? Surely, he's reacting in a visceral way to these comments.
-This one page covered a major turning point. I think it could easily cover 4-5 pages-- we need time to process! It should be super dramatic and heated, and right now it feels a little too glossed over. Can you better develop this scene?"
etc, etc.
So yes, my particular style certainly is involved, but my goal is that an editor never has a "wait, what?" reaction, becuase where a character is at emotionally doesn't track well, or there's lines that aren't clear, or whatever. I want it all to flow smoothly and I want the dramatic moments to be as punchy as possible, etc.
It's not for everyone, and I pull back as the author's career develops and they don't need as much help. I'm very thankful my agent was editorial in the beginning of my career. She's since left the biz and my agent now is not editorial at all, but after 11 books that works better for me.
I've had tremendous success breaking in debuts, and I think a small bit of that success is due to the editing (and the vast majority becuase I have awesome authors on my list!)