Were Chelsea REALLY that much better in 2008?

Frank Lampard's honest assertion that Chelsea aren't as good as they used to be may have turned a few heads this week, particularly since the midfielder is better known for churning out classic post-match cliches such as "he worked his socks off" or "there are no easy games at this level."
More pressingly, has one of Chelsea's greatest ever players made a valid point this week? Or is Lampard simply trying to motivate his team-mates ahead of a crucial European tie? talkSPORT investigates...
Chelsea's Champions League 2007/08 finalists:
Cech, A Cole, Essien, Carvalho, Terry, Makelele, Malouda, J Cole, Ballack, Lampard, Drogba
Chelsea's strongest 2012 XI:
Cech, A Cole, Ivanovic, Luiz, Terry, Ramires, Mata, Sturridge, Essien, Lampard, Drogba/Torres (take your pick)
Key differences:
Ricardo Carvalho v David Luiz
There's no doubting the immense technical skills David Luiz offers Chelsea, but debates around whether the Brazilian should be utilised in a more advanced midfield role next season tell you a lot about the varying quality of his defending. Carvalho, meanwhile, provided an ideal, lightening quick foil to John Terry, dovetailing nicely with Chelsea's captain. Although more likely to produce a moment of creative magic, Luiz is far more prone to defensive lapses than Carvalho.
Old Chelsea 1-0 New Chelsea
Joe Cole v Ramires
One of Chelsea's most useful signings in recent years haw been dynamic Brazilian Ramires, who arrived from Chelsea's Champions League opponents, Benfica, in 2010. 'Rambo' may not offer as many tricks as Joe Cole did in his prime, but his box-to-box athleticism and footballing brain make him a better all-round option.
Old Chelsea 1-1 New Chelsea
Claude Makelele v Michael Essien
Makelele executed Chelsea's 'water-carrier' role so effectively under Jose Mourinho that the holding midfield berth is now often labelled 'the Makelele role'. It's the type of job that Essien, who lined up at right-back in 2008, is called upon to perform for the 2012 Blues. Can the Ghanaian operate as effectively as his former team-mate? Not likely, particularly with a string of serious knee injuries beginning to take their toll.
Old Chelsea 2-1 New Chelsea
Florent Malouda v Daniel Sturridge
Malouda made a stuttering start to life at Chelsea, failing to take off as a Blue until 2009/10, when 15 goals in all competitions dwarfed any achievements from his opening two campaigns. The Champions League final arrived during a period when the French winger had been struggling to make his mark in a Chelsea side expected to challenge for top honours while, by contrast, Sturridge has burst into the Blues first team impressively this year. A striker operating from a wide position with a devastating eye for goal, the young Englishman was Chelsea's best player in defeat in Naples, proving his talents aren't limited to Premier League football, where he's bagged nine goals already this season.
Old Chelsea 2-2 New Chelsea
Old stalwarts v New stalwarts
Surviving in their preferred roles from Moscow are Chelsea's spine of stars consisting of Peter Cech, Ashley Cole, John Terry, Frank Lampard and Didier Drogba. Goalkeeper Cech aside, all of these players are now in their thirties with Ashley Cole, for once, looking suspect at left-back. Cech is no longer among Europe's elite despite being relatively young for a goalkeeper, Terry is plagued by injuries, while Lampard and Drogba has lost a little pace.
Old Chelsea 3-2 New Chelsea
Verdict
Chelsea were in better shape for European glory four years ago, particularly when taking into account the giant strides made by Barcelona and Real Madrid in that period. One of those two sides may prove Chelsea's ultimate undoing in this year's competition, if they survive this tricky test. It's worth noting, however, that Chelsea were managed by Avram Grant in 2008, which makes the achievements of those players even more impressive.
How do you think this current Chelsea team compares to the Champions League finalists of 2008?