For those folks who aren't really into one OS or the other, it's not an easy choice. Both are certainly capable enough for viewing NY Times and CNN content, and both are good at email. The Imagio (and in general Windows Mobile phones) has an advantage when it comes to MS Exchange email and sync, and I'm not sure if that's something you use.
The Incredible has none, nada, zip V Cast services. FYI, V Cast is included with the smartphone data plan and you don't have to pay extra (but the phone has to support the services). The Imagio does have V Cast Video, V Cast Music and etc. along with Mobile TV (broadcast TV that does require an additional monthly fee if you wish to use it).
It's true the Imagio is several months older but it's not obsolete. It's also true the Incredible is faster, though the Imagio isn't a terrible slug. And lastly it's weird and true that folks either seem to love their Imagio or dislike it; there's little middle ground. I didn't have stability issues but I've been using WinMo phones for years and have a good idea what 3rd party apps and hacks will slow it down or make it unstable. Stick with recent software titles and avoid hacking the phone and it does fine. You do need to reboot (turn off then on) Windows Mobile phones every few days though, while Android phone can often go a week before they need a reboot for speed and stability.
Which one appeals to you more and draws you? It sounds like you're leaning toward Windows Mobile and thus the Imagio.