Haven't listened to much of the new albums eh? Check out Evagria and Iron Fist, some great playing in there. I'm a huge Coheed fan, have been since SSTB, and have met Mic on a few occasions. He was a great bass player, but that doesn't mean Zach isn't. He's very good, very expressive especially live. Maybe not as many little fills and things in there on the albums, but there some good ones.
As far as the Mic tone, he's used a lot of different basses, and what he used live doesn't always mean that's what he used in the studio. He was using Spectors P/Js for a long time but switched to fenders - both jazz and P - for a few tours/albums, then went to a mix of fender and spectors the last time I saw him (SSTB:neverender tour). I think in the early days he was using something other than spector too, fender and something else.