This will always be a source of amusement to me because I had to name one bassist who smothers his signal in so many effects as to shade the bass he's using, it's Justin Chancellor. To whit, I had always found it interesting that fans were so eager to buy a Wal bass themselves. I had heard, over the years, suggestions that a G & L L2000 or Musicman Bongo would be a passable alternative and I'm inclined to agree.
Which is not to say that Wal don't have a signature tone, they do. They almost stand out like a sore thumb through that unique 'quack' noise they make. I just find that quality almost entirely missing in the rather anonymous tones on Tool records.
As for the new Tool song, I think it's okay. It really doesn't sound like 13 years worth though, and that is following on from '10,000 Days' that was a weak followup to 'Lateralus', which was in turn pretty disappointing. I don't dislike the new song, but it sounds entirely like Tool by numbers, the sort of thing they could write and play in their sleep.
We must have different ears. Justin is actually using less grit in the studio version of this than @Toolmybass is here, but i believe he turned up the gain a bit just to make it stand out from the backing track as his tone is dialed in so close. We all have a different opinion on what "Wal tone" is, but i personally do not believe that any other bass can sound like that and i do not see how one can say that it is missing from JC's tone after listening to that. I hear the Wal "quack" all over the place in TOOL recordings.
I also feel the total opposite and don't feel that Justin's bass is smothered in effects, except for some light OD. His use of effects to me is extremely tasteful.