I have both devices. The downsides of the EVO vs. the Incredible IMHO:
* Resolution makes the screen look less crisp & thing look stretched compared to the Incredible.
* Speed - the Incredible is much faster due to it's processor not being underclocked.
* Size - there's a tradeoff here: the big screen is nice to look at and obviously provides a great amount of real estate for web pages and other apps, but the Incredible is a lot more pocket and hand friendly. The EVO is just huge, but that's one of it's "features". It looks a little silly walking in public texting on this thing. I feel like people are staring at me haha.
* The Incredible has a built in 8GB storage card in addition to the SD card slot.
* The WiFi radio doesn't pick up a very good signal compared to the Incredible. They probably underpowered it to save on battery life.
...
The size is the reason I decided to not buy the EVO. I literally walked into both stores, and played with each. I've held off buying an Incredible just to play with the EVO. The phone is huge. I could hold it comfortably, but not pocket it. And, as you mention, you feel silly walking around with it. It attracts attention.