I have to say I feel like high end cell phones are JUST starting to reach a point where they're passable as still cameras.. and by passable I mean roughly as good as your cheap $99 digital camera for STILLS. I bought an Incredible knowing all these 720p phones were coming out because I don't think the video features on phones are good for anything other than recording crazy stuff like
this when it happens to be happening in front of you. They don't need to be 720p because even the ones that are aren't even matching your standard def video cameras in terms of overall quality. If there's one thing Apple got right with the iPhone 4, it's that megapixels aren't the only thing that matters in the camera. Similarly, resolution isn't the only thing that matters in video recording, especially when you're talking about a zoomless cell phone with a lens and sensor that are half the size of a pea.
To be honest, I'd much rather have 480p recording at a full 30FPS than 720P at 25. If we were talking about a real camera with real lenses and a real sensor, it might be a different story, but I don't think it's very wise to buy cell phones based on their video recording features. If you really want to record HD video, you're going to be disappointed no matter what you get. Buy the best PHONE you can, and think of the camera as a nice bonus for when you happen to witness something crazy happening.
If you ask me, the biggest reasons to get a Droid X are the big screen (if you want it) and Swype (which you do want, even if you don't know it yet.) THe incredible on the other hand is a better pick if you want a smaller, sleeker phone. Or Sense UI.