@pratik Answers:

  1. That's how it will look on single post page.
  2. That's how it will look on home page, but yes you can add a more tag as well. I recommend it with the Summary Posts plugin.
  3. Gaps between photos, rounded corners, borders, and other tweaks like that can be done by user in Custom CSS. I have to keep things as basic as possible by default to accommodate the widest amount of use cases.
  4. Non Tiny Themes. Yes, it will work. However, there is a likely possibility that you'll need to tweak things, particularly if you have extensive built-in styling for lists.