He dove to his right before Lampard even hit the shot, stay on your feet and try to react. He did similar earlier when Aguero blasted wide of the near post - he was already diving to the right. Had Aguero got it on target Davis would have looked a right chump.
Wow, he's catapulted himself into legend status. Comment above about how this is how a captain should be acting is spot on. I hope he keeps his quality for a good few years yet, i'd love for him to be captain for a long time.