--------------Owen
--------Rooney---Lampard
Cole--------Gerrard---------Beckham
------------------------------------------
---------------King
----Carra---Terry----Neville
-------------Robinson
That is a good formation when you are playing against a team who pump long balls or who don't have great wide players. However, against a team with quick wide players, that formation will be useless.
If they go for the 4-4-2 with a holding player (Parker probably, as he has performed very well for Newcastle. King could replace him if he gets suspended), then they can't leave Gerrard out - even though he's a scouser he's quality. The question is who?
IF I employed that formation, I'd only change one position - the holding role. Seeing as Rio has come back to form lately, I'd be hard pressed to leave him out of the team. I'd have:
--------------Owen
--------Rooney---Lampard
Cole--------Gerrard---------Beckham
------------------------------------------
---------------Parker
----Carra---Terry----Neville
-------------Robinson
King hasn't had enough experience in the role and when England break down an opponent's attack, they will need someone who can distribute the ball quickly and effectively. That person also needs to be able to set the tempo for the attack - either by playing a short ball to one of the mids ahead, or by playing a long ball up front. In my opinion, that person should be Parker. He was great at Charlton and has rediscovered that form at Newcastle.