In 442 I'd probably say the best setup would have been to have picked Carrick and Gerrard together in the centre as they would have complemented each other well (Gerrards engine and tackling ability getting him in), Beckham on the right and Joe Cole on the left (the least squarish of the pegs as he could carry the ball out wide and played there somewhat for Chelsea). And then put Lampard and Scholes on the bench. Which is completely mental, but you have to pick the right balance for the team.
Anyway, bottom line is we had too many similar players, and as a result we were substantially worse as a team than those individuals on paper would suggest.