My main complaint is that my phone is no faster than it was with 2.1; often times it is actually slower. I'm especially disappointed about this because significantly increased overall speed is something that Google promised with 2.2. I know what some of you must be thinking at this point: Yes, I did do a factory reset, and no, my phone is not "funked up". My girlfriend has had the same experience on her Incredible as well. In addition to that, like so many others, I don't like the additional stock apps that were added (VZ Navigator, Amazon, etc.).
My second most significant complaint is the keyboard. Ever since the 2.2 update, the word suggestions have been terrible. Sometimes, I'll misspell a word by one letter and some of the suggestions are so far off and obscure while the word I'm actually attempting to type doesn't even appear in the list. It worked MUCH better in 2.1.
With that said, I am happy with the 720p video. I have tested the quality of video recording and it is significantly better than it was on 2.1. I also love the new "Flashlight" app - SO much better than the one that I previously had downloaded from the Market thanks to it using the LED. I also like the fact that the option to run apps from the SD card is now available.