With MK there, I think Cohen's chances would have been right around the 5.5 border.
Now I'd say it's a solid 7.
You see, I think Cohen can still win this with a few mistakes. It's not only Cohen under pressure but EVERYBODY will be under pressure. But I think the title being basically within her grasp could freak her out- maybe not during the SP but the FS. Or it may bring out the best in her, to want to win that title fair and square without any doubt like an "invisible asterisk" or "she won because Kwan wasn't there", etc. There's just no way of knowing how things will turn out.
But to be blunt, this ladies event has the potential to be a real snoozer. (Some of you call it a "splatfest", and that's fine, too.)
On the bright side, we might get to see a skater on TV we otherwise wouldn't have seen with MK competing.