57 Apps installed on my Incredible (all quality apps, no fart apps, no shaking soda-cans etc..), with a boatload of resources to spare (memory, phone storage, and cpu usage). Just for giggles, I stress tested my Incredible by using a live wallpaper, made sure every app possible was loaded into memory and running, any app that had to poll for data was polling as often as possible, widgets set to refresh as often as possible, had friends flood me with sms/mms/IM's/email, and still my Incredible operated well. I did manage to push it to the point that there was some noticeable lag, but it was a lot of work to get it to that point, and I'd already surpassed the threshold of other device's capabilities by leaps and bounds.
Praise Jesus!