If you've got an upgrade coming up then, yeah, this is probably the only phone you should be looking at if you want the best android phone that Verizon offers.
I have the Incredible and it's great. The Droid X does everything that the Incredible does with a bigger screen and better camera (HD video). It doesn't have a front facing camera though, which may be a problem for some people. The only difference between the Incredible and the Droid X other than the size is the HTC Sense UI vs. the new MotoBlur UI.
I do, however, love the sleek look of the Droid X. I think it's great and appealing, but some people might not like the hump where the camera is. My dad said it wasn't much of a problem when he played with the phone.
And, another reason is that the Droid X will be getting the 2.2 Android OS update before the Incredible, so that's probably something to think about.
My advice would be to go to a Verizon store and play with the Droid X and see if you like it.
If you think the Droid X is too big, or want a phone similar to an iPhone (size-wise), then the Incredible would probably be your best bet.

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