I enjoy watching Lampard more than Gerrard. Even in his pomp, the latter always struck me as never having truly great ball control and distribution; it was his towering surges that metaphorically and literally pushed Liverpool forward, dragging them out of the shitter. Lampard is more composed. He reminds me of Xavi in that he's such an intelligent player and knows exactly when to pick a pass instantly, or keep possession and bide some time.
That's not to say he doesn't make some brilliantly timed runs forward because he's one of the best in the business at that, as well.