We start to work on the blog area of the site. We want to have the blog area of the site at /blog/ - so we end up making a page template for that called page-blog.php and using the Settings > Reading setting to make that page the blog homepage. This way we have very specific control over that page and what it shows. In that template, we use a custom WP_Query loop to give us exactly what we want.
We decide that /blog/ should show the entirety of the most recent blog post. That makes sense for what the user has clicked from the homepage (a big button that says LATEST WRITING: Name of Blog Post). Later we'll deal with how to handle the archives.
Speaking of the homepage, we use pretty much the same query/loop on the home.php template to get that most recent blog post name.