Geotargeting and Frames

Funny situation regarding frames and google.

[Deester]

I've been asked to help out a friend with a couple of their sites, and I've drawn a blank at the results I'm seeing.

Here's the situation:

2 sites, hosted on different servers, 1 .co.uk, 1 .com.

The .com was designed with frames, has one page indexed in Google, and that page is just the main no-frames index. It has 1 backlink listed on Yahoo!
The .co.uk was designed with a bit more SEO in mind, uses divs and a few nested tables, and has 38 pages indexed. Not huge, but more than just one! It has about 55 backlinks listed on Yahoo!

Now! If you do the search for their HIGHLY niche keywords on Google.co.uk, the .com ranks position 3, and the co.uk all the way down on PAGE 3!

I want to help them out, and try and consolidate both sites (as they're duplicated!) but when the crappy frames site with one back link is ranking so well, is this more a case of: "If it ain't broke, don't fix it!"?

Anyone want to offer their two cents?