His absence has only enhanced his "reputation". In the future he'll look back at it as a blessing in disguise, I'm sure. He and Keys got a radio show and had a bit of a niche audience and people claimed how good they were and how they should never have been sacked, merely months after they were fired from Sky.
If you look at him in isolation, as a commentator and football man, then yes he's better than most of the dross out there. Firstly he's a huge fan of the game and that is expressed in his commentary. Secondly he's a voice many have grown up with over the past 2 decades or so and he and Tyler did strike up a good rapport together. Recently though Tyler has become incredibly insufferable and no longer tries to shield his bias. Gary Neville is very knowledgeable and I do like him but he doesn't seem to have that "Hollywood" feel about him, if that is the right term. Gray could make a dross 0-0 draw that bit more entertaining just by his commentary and I suppose that's what people have missed.
Here is the thing though. As much as I do like his commentary and some of his analysis, I simply cannot look at him or hear his voice without feeling a little bit sick inside. What he and Keys said was not friendly "banter", it wasn't just a bit of fun with female colleagues. They insulted a very good professional in Sian Massey in a misogynistic tone and in other videos they intimidated, and you could say harassed, other female colleagues at Sky. It's just not acceptable.
He's been allowed back into the fold because he's a familiar voice and he's good at his job. If it was Jon Champion or even Micheal Owen who had said those things then that would be their media career over, full stop. The hypocrisy is what makes it so funny.