Interesting. I don't have much experience with the Colecovision. As a kid, I thought the Donkey Kong port looked great, but from a technical standpoint the Z80 is a detriment IMO right from the jump. The TMS9928A graphics chip is pretty nice though, 16K of video RAM is good.
The 5200 is more flexible, faster CPU, programmable graphics, with GTIA/ANTIC, but you have to be a more clever programmer to get the best out of it, like 5200 Mario Bros. using character sprites along with the Player Missile Graphics. Not an easy thing to do for a lot of coders, especially with a tight deadline.
Colecovision has an easier hardware setup for just doing games quick, just throw characters and sprites around for the most part. Games that need to scroll though would be hugely annoying though on the Colecovision. No hardware scroll. The 5200 would be the easier machine there. Same problem as the MSX PCs which use the same graphics chip as Colecovision.