Both.
If you pitch your yeast right after the boil, you'll kill them. Anything above 150, actually will injure them. 70 is where most people want to pitch.
The reason we use ice water baths or wort chillers is because right after the boil the wort is open to infection which is a bad thing. The less exposure time, the lower the chance of infection.
And finally, using a chiller produces what's called a "cold break" where proteins are released from solution and can be left behind as you rack to your fermenter: this makes clearer beer.
There's a lot of information on chillers and wort handling practices on the forums and in the Home Brew talk wiki.
