I'm not sure what you mean by "a band of composers". They were all composers, if you want to use that word, they all shared in the songwriting. I've seen make a couple different comments on the matter, one being that he felt that if the album was going to be forty minutes long, then there should be 10 minutes of music written by him on it. Another time he said that the others wanted to "write by committee".
While there's a few songs on Trick, W&W, ...Three, Duke and Abacab that list just one person as a songwriter, I think Phil, Mike And Tony were more into the idea of coming up with stuff by jamming in the rehearsal room (which they had always done, going at least back to the Nursery Cryme period), versus bringing in songs written before hand.
As far as Mike's guitar playing, he's maybe not as dextrous as Steve, but I do like the lines he came up with on a lot of songs. I love his guitar work on songs like Abacab, Duke's Travels, Behind The Lines, and Second Home By The Sea.
Speaking of which, I think that was another reason not getting someone to fully replace Steve. When you've got a 4 or 5 guys in a band, sometimes one or two of those guys are doing stuff on a track, simply because they don't want to be "left out". For instance, I get the impression one of the reason Peter started playing flute and oboe was because as he put it, "I didn't have a guitar to wave around, and Tony was so possessive about the keyboards". So playing an instrument nobody else did gave him something to do during the instrumental bits.
I remember one interview where Tony said there were occasions where Steve played stuff which were there just for him to have something to do. I think he specifically cited The Lamb, though know if he meant the song itself or the album as a whole, where he felt there were places where he felt it would worked better without some of the guitar overdubs. By pushing on as a trio (at least in the studio), if they came to something where the three felt worked fine without a guitar part. Or at least, it didn't have to have a highly prominent guitar part, whereas if they had another guitarist in the band, they might to have argue with this guy about whether or not a given song "needs" his contribution.
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