Meh, Michael was never really that sane or responsible. He's always been just as selfish, cruel and incompetent as the rest of the family. He's a really bad father, he lies as often as the rest of the family, he stole his brother's girlfriend, and let's remember his first acts upon becoming president of the Bluth were buying a box full of whistles and a worthless lemon grove. Season 4 Michael is just the natural progression of his character when he no longer has the sense of superiority that comes from thinking he's taking care of his family.
Yea, you're right. I suppose I didn't put it correctly. I'm not sure what it is but his characterization doesn't feel right to me. I still had some sense that in the first three seasons he was the "straight man" character to the rest of the family, as much of an ass as he might have been. Yeah, I was feeling your way (Michael as "straight man") as well, but suppose Lief is also correct that he always was a pretty sh**tty guy too.
I hope the jokes are better in the next few episodes or I don't know if I'm going to make it.