The Droid X is going to be awesome. The 1 ghz OMAP processor is going to blow all the other phones out of the water.
The swype keyboard is gonna make texting a breeze on the huge 480X854 4.3 inch screen.
The 8MP camera combined with a fast mechanical shutter (1/1000), panoramic mode, face detection, slow motion capture, time lapse capture, and the directional audio capture (3 microphones to focus on the audio emitting from the person your recording and minimize background noise) will be a beast for taking photos and recording 720p video.
The HDMI port will be cool for watching home movies on the big screen, too bad you can't use it for all the movies you can download off of the blockbuster app or the tv shows you can download off of PrimeTime2go (which both sadly have monthly fees).
The 3G mobile hotspot allowing you to use your 3G coverage on up to 5 devices is cool, but its $20 extra a month and is only 2GB of usage before you get slapped with overage charges.
The "Ninjablur" UI by motorola should make social networking convenient, plus you can customize all of the widgets to make them smaller or bigger, it actually let's you make it whatever size you want, not just small, medium and large widgets. Its a huge improvement over the original motoblur.
If your into business email you'll be happy to know that it pushes corporate email, remote wipe and PIN code enforcement for Exchange email helps keep your corporate email secure, and the unified callender pulls both work and personal events together for convenience.
The 8GB internal memory will be more than enough to hold all of your apps (until android 2.2 is released for it) and the preloaded 16GB card for even more memory.
The 7 homescreens will make the droid X extra customizable, and the new battery manager in the settings menu should make the battery life awesome.
It being on verizon is good too because of their great coverage.
The phone is huge and might be a turnoff for people with small hands, but it feels fine in the pocket, and the bump where the camera is on the back doesn't make anything uncomfortable.
Can't wait for it to comeout, gonna be a bamf.