Kurtis,
Rack of lamb is a gift from the Gods. When I prepare one I score the fat side and put olive oil, rosemary, salt and pepper over night. It can be done on the grill and turns out very good, just watch the internal temp. Just because it looks done on the outside it probaly is raw inside. Another method is to cut it into chops and cook them that way, nice outer char and rare-med-rare inside.
We usually serve it w/ a Yogurt, garlic and spice side sauce. Another sauce it some fresh horseradish, sour cream, a dash of Worchestershire sauce and some pepper. Too bad not more Americans like lamb-but more for us that do like it.