LED Notification: Droid is better at this hands down. While minor, this is probably the feature from my Droid I miss the most. It's really nice to be able to customize colors based on what type of notification versus being barely able to see the LED at all like on the Incredible.
Screen: This varies from person to person, but I think the Droid still has the advantage here. The touch sensor may not be as accurate but the color density and resolution is a lot better on the Droid IMO.
Form Factor: Incredible wins here. I've always thought the Droid felt like a brick so it's really no contest here.
Speed/Performance: Incredible wins again. The Droid is no slouch, especially when overclocked, but the Incredible is still a much faster experience overall for me.
Battery life: This is a moot point for me because my phones are always charging at work since my desk is practically in a basement. The battery life drains way too fast because regardless of whatever phone/carrier I have, it's always scanning for a better signal.