Yes, the new MBs use blue coolant. Last coolant flush, my independent introduced me to it too. We had the same conversation. He tells me that both MB and BMW now use blue, although the yellow is still available. Standard mixture has been 50:50, meaning equal parts coolant and water. As for the coolant capacity on that vehicle, I'd refer you to the owner's manual or service manual.

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1988 California version 260E (W124)
Anthracite Grey/Palomino
Owned since new and still going strong and smooth
MBCA member

Past Mercedes-Benz:
1986 190E Baby Benz
1967 230 Inherited from mom when she downsized
1959 220S Introduced me to the joys of keepin' 'em goin'

There are only 10 kinds of people in the world--those who understand binary and those who don't