I hear there's some kind of new 'driven/bouncing lob' in FIFA 11. Not sure how it works, but in the meantime this is what I'd like to see with Lob passes.
I think there should be two types of lob pass. One would be activated as normal (holding Circle, or whatever button you have in your control scheme) and the other would be selected by holding the finesse button with it (e.g. Circle + RB) like a sidefoot shot.
Type A: A pacey, driven lob pass. Flatter trajectory (rarely goes much above head height, depending on the context), greater velocity, no backspin.
Type B: A lofted, backspin lob pass. Arched trajectory, less velocity, lots of backspin.
So you'd have a choice to make about the right type of pass for the right scenario.
Maybe you want to drop the ball softly into space for someone to run onto from deep, in which case you might want a lofted pass that arrives more slowly and has backspin to stop it skipping away off the turf. I'm thinking of Xavi's half-volley assist to Bojan Krkic away at Sevilla, which was floated deftly over the defenders and the bounce held up for Bojan to get there before the keeper.
YouTube - Xavi Pass v Sevilla
Or perhaps you want to switch the ball across the field to a target on the opposite wing, in which case you might fire it in with more urgency before the defence can react; however, it had better be right on the money in terms of accuracy, because if it bounces either side it's just going to skip past your teammate. Just like Huddlestone's pass would not have held up for Bale, had it been six inches to the right.
YouTube - Tom Huddlestone long pass vs Shaktar (2nd leg)
It would also change how you deliver a long ball to a target man. If you are a defender or a goalkeeper looking to find teammate John Carew in the opposition half, you have the option of either a firm pass into his chest to be held up, or you could float one high up in the air for him to go and win with his head.
Since Crossing is basically a lob pass done in the 'crossing zone', this same approach could be taken with crosses. A Type A would be a ball driven across the penalty area at around head height, for a smaller striker darting onto the end of it; Type B would be used for floating one up in the air, for a bigger forward to attack or for someone arriving late at the far post. Again you'd be tailoring your cross for the right situation.
For all I know this might be how it already is in FIFA11 - I hope so.