Yes but under Capello it was obvious that it was never a traditional 4-4-2 anyway, the only thing indicating that it was was the presence of 2 strikers on the pitch. In fact, with Rooney frequently dropping deep, far more so than Heskey or Defoe the formation was far more like a 4-2-3-1 with Rooney in the Gerrard role (meanwhile Gerrard was deployed on the left, again a departure from the 4-4-2 which calls for traditional wingers). Commentators just looked at the team sheet and said it was 4-4-2, not considering what was actually happening in the game.
edit: Also, to both Viva & elsk, I must say I find your assertion incorrect. Why, because it is 4-4-2, must it be flat? As though the manager specifically tells his players "Alright, you're gonna play a 4-4-2, so what I want you to do is stay flat, don't move & avoid finding space". Why would playing in a 4-2-3-1 inherently cause players to be more able to find space, good players will find it regardless I feel. The only reason why they would specifically not find space is if the manager wanted to play a defensive game, which is what the likes of Stoke and Hodgson do. It often proves an effective tactic as well, particularly if your players are worse than the opposition.