I do not see Michael Cole as a Mr. McMahon whatsoever. He's a good heel character with a lot of upside, however, plugging him into the same socket as Vince is way over Cole's head and somewhat of an insult to McMahon and what his character meant/means.
Everybody knew Vince was the owner of the company. Michael Cole, last that I was aware of, owns nothing. Everybody knew Vince had legit heat (at least coming from the fans) due to the Bret Hart/Shawn Michaels "Bret screwed Bret" fiasco. Michael Cole's heat (while it can be legit coming from the fans) is tied into Jerry Lawler. Lawler, albeit a fantasy champion in some people's eyes, is no real threat to anything Cole has or wants to have, unlike Steve Austin who was a threat to Mr. McMahon losing control of his company and what he believed a WWF Champion should have been & behaved. Michael Cole may end up a heel manager, which would be ironic since there aren't any heel managers or legit "managers" anymore anyway. I'd like to see who they pair him up with, however, I doubt it will last long & Cole will one day be back to his usual spot, behind a desk and in front of a mic.
That being said, we can't compare everyone who comes along to Mr. McMahon, his character or what he overall was playing. The Mr. McMahon character, in its heyday, was the biggest thing next to Steve Austin during that time period. Mr. McMahon was unique, and while Michael Cole may be unique, it's not on par with what Vince's character was. I somewhat understand where you're coming from, but again, Michael Cole should NOT be compared to Vince & I highly doubt he's even going for that. He's a character playing the role of someone who's furstrated with the old guard, Vince was someone frustrated with the new guard. Nice try, but no, not the same.