I am very interested in people's answer here. My knowledge is limited, but from a software perspective, is it true that the Incredible will lag behind in updates whereas the Nexus One will receive Android updates much quicker?
Nexus one will have faster software updates, but Google has promised that Android 2.2 and beyond is going to defragment the Android userbase.
In other words, more and more functionality, core apps and updates are going to be pushed through the android store rather than OTA updates.
This means that while your HTC Incredible might be on 2.1, it'll have all, or nearly all of the new features of 2.2 until HTC rolls out an update officially.
In comparing hardware:
Nexus One and HTC incredible share:
1ghz Snapdragon CPU
512mb ram/rom
3.7" AMOLED screen
Same rough dimensions.
Incredible has the advantage in:
8gb internal storage + microsd card slot vs Nexus One's microsd card slot.
8mp camera + rumored 720p video(This seems plausible because Incredible and Sprint Evo share the same camera and Evo has 720p video)
802.11 B/G/N where Nexus One has B/G. N gives enhanced range and speed as well as lower power draw.
HTC Sense UI. Some may list this as a con, but i've had my hands on an HTC Desire(same rough specs as Incredible) and Sense UI is pretty, functional and FAST. You CAN turn it off if you want.
HTC Incredible is sold / serviced in Verizon Stores. You can only get the Nexus One from Google.