I had the incredible for a month, just exchanged for a Droid X, but its getting shipped to me. My first android phone was the Droid.
The locking thing seems to just prevent custom ROMs, and won't prevent rooting. However the WHOLE thing is speculation, nothing has even been confirmed and I doubt moto would do this.
The Droid incredible is good... But the Moto X is simply a better phone for the following reasons:
1) The incredible's screen is great indoors, but outside or in bright rooms the display is so dim the added benefit of the AMOLED's contrast means nothing. Its also very pixilated from the PenTile sub-pixe matrix. The resolution is actually noticeably lower than the original Droid. When I tried out the Droid X's screen it was very bright and large, I really licked the size. Plus I don't have to worry about burn on the incredible's AMOLED (I'm just OCD about stuff like that). I just wondered what my Incredible would look like in a year and a half even dimmer than it is now.
The Incredible did have viewing angles on the Droid X, but over all the Droid X's screen was very good, plus reviews of the screen says its colors are more accurate than the Incredible.
2) Speed. The snapdragons are nice, but the GPU on the Droid X is much faster, this is important considering the amount of games coming out.
3) Battery life, my incredible would last my 9am to 4pm consistently, and I would have to charge it during the day. Thats with a NEW battery. The droid x promises to be much better, especially on the X's big screen.
3) Plus the Droid x is pretty much a spec boost of everything the incredible has, 720p video, hdmi, 24GB vs 10GB (incredible). And the droid x's cpu is faster.
Only get the incredible over the X if you value custom ROMs. Or better yet wait until the issue is actually confirmed than make your decision. The notion of moto locking custom roms seems absurd to me which is why I bought one anyway. If I'm wrong I'm not going to get screwed or anything, I'll just feel bad for supporting it. Its like HP not letting you install linux on your own laptop.
Also I forgot, sense on the incredible is great, but I did not like the music player. However sense seemed much better than the droid x's software. But for me I believe the screen and hardware more than make up for some of the major downsides of the incredible: battery life, HD Video, dim screen.