Lampard is good at the Scholes thing. He scores a lot of goals from midfield, by getting forward at every opportunity. However, he's not particularly creative, and with the holding player to cover him, central midfield becomes fairly ordinary. Chelsea only look creative if they play wingers (Duff and Gronkjaer). You only have to look at the number of goals Chelsea have scored to see that they are not too creative.
Liverpool have the same problem, so I don't think Lampard would add anything. Cole is a creative player, and I have been impressed when I've seen his performances this season. There is an opportunity to move in and take him, and we coulb probably have him for no more than £5M. He's not impressed at being in and out of the team, Chelsea tried to offload him on a loan abroad, and he's now disappointed at not being mentioned by Eriksson as being a possibility for Euro 2004 (although Parker was).