I really like my Incredible, so much so that I'm not sure whether or not I'll go for the iPhone when I'm up for renewal or another HTC Droid.
There are three downsides I'll mention. The first is that the built-in camera is really good for pictures, but only really so-so for video.
Second, the microphone isn't really all that great when used for video or audio recording. However, it works well for phone calls since high quality and a high dynamic range aren't important for that application. I used to be able to record concerts pretty well on my Blackberry, and that just isn't an option with this phone.
Third, the battery life is horrendous. With any kind of moderate to heavy use it was questionable whether or not you'd make it the day. The batter in the phone is just way under-sized for it's performance potential. I managed to solve that problem by buying a larger battery for $20 from
HTC Express. You can also get an external battery charger from the same place that will let you keep both batteries charged, but I really have to try to drain it before a day is up.
tl;dr -- I really like my Incredible despite a few flaws, and it will be an interesting decision between a Droid and an iPhone when I'm next eligible for an upgrade.