My drummer was a douche.xD
I would most definitely recommend their first two albums. It's extremely different, which is what through me off when TBP came out.
Their first two albums made them My Chemical Romance. Their last album made them The Black Parade. So they purposely were a different band. Bullets and Revenge are what make them different.
Personally, I don't think they were around long enough to be able to hav made an alter-ego. I understand they wanted something different, by they should have done a side project or something.
I was at the peak of my "fandom," for lack of a better word, for MCR when they came out with that album. I was extremely disappointed as were many MCR fans. Of course I support their decision, but I believe they made the decision too early, and I wish they would have continued to be My Chemical Romance before they came up with the alter-ego.