I've had a fender p-bass for years, and with the right pedal and amp...good lord does it have presence. I'm taking about watching the airwaves vibrate in front of you presence.
Of course, it could be that he's focusing more on harmonizing and complex lyrics, as opposed to a larger bass presence. Also, with the addition of Toshi, others are allowed to shine whereas before he could take center stage (along side Cody, so half-center in this case).