Incredible
Pro:
Large OLED display
Android with Sense
I'll agree with this...mostly. As far as the screen is concerned, remember that the Incredible reportedly doesn't do as well in bright light conditions. Still, you're going to have a much better time looking at the Incredible when you're indoors. Beyond what you listed, it has a better resolution and the AMOLED display will yield darker blacks and more vivid colors than the iPhone's screen.
Con:
Cheap build quality
Tacky back
Somewhat decent camera
Video is choppy pix-elated and has terrible audio
No usb or hdmi on the bottom ( On the side is so stupid )
The hold and audio jack should be on opposite sides
Someone here had a hands on with the Incredible today. He posted a thread in this form. He said the phone actually felt great in his hands, not cheap at all. Also, those reviewers who were saying that the build wasn't spectacular were comparing the Incredible to the Desire and the HD2. Those are arguably the best built phones on the market. I haven't seen a single review that said the Incredible's build quality felt cheap compared to today's iPhone.
"Tacky back" is a matter of personal taste. I'm not fond of it either, but after dinging up my current phone, I'm planning to get a hardened case for this one. The back won't matter for me. Same thing goes for the protruding lens. If you're not planning to get a case, keep your con.
Even if we assume that the phone Engadget "found" is the next iPhone, we can't really compare cameras. The only thing we know about the iPhone's camera is that it's single flash. If it's anything like the current iPhone's camera, the Incredible will beat it resolution-wise.
The position of the USB port isn't important to me. If you want it on the side, good for you. You might wanna consider this, though: the Motorola Droid has its port on the side. That's why it works so well in its docking station.
iPhone 4G
Pro:
Higher res display
Very solid build with high quality materials
Great design
High capacity storage
Most likely better camera with better video quality
Stereo speakers
Dual mics
Where are you getting all these pros from? I mean that seriously. To my knowledge, we don't KNOW anything about the phone. Sounds like all this is just speculation.
Con:
iPhone OS ( Big factor )
Locked down with iTunes
Smaller screen ( Big factor)
The first two are really the same, but whatever. Overall, it looks like you double listed a few HTC Incredible pros/iPhone cons (build, design, camera quality, etc.) and single listed the rest. What I'm saying is that your list looks padded.
I'm not saying you did that on purpose, or that you're trolling, but your list isn't a very good representation. It's uneven.
I really need help with choosing to get the Incredible now or just wait to see if the iPhone comes to Verizon.
In the end, the Incredible isn't for everyone. Some people are better off with iPhones. I think you're one of those people. Doesn't matter how solid a case we build for the Incredible. In the end you've gotta go with your gut, what'll make you happy. I think the way you built your list shows that you'd probably end up regretting purchasing the Incredible.
