I was a big magazine fan and their very early stuff is more punky and could be a Rick - but by the time they got to their second album - it's clear he is playing fretless, finger style and it is a big feature of many tracks - pushed well to the fore and with masses of flanger/chorus!! Loads of mwah!
I used to try to get this tone in the 80s and could do a good impression with a Westone fretless Thunder III - through chorus and flanger!!
I think that was the Ovation though - you can see it clearly in this vid :
http://www.youtube.com/watch?v=p58kCYsiwt0
Probably my fav Magazine bass line apart from Permafrost...?