After I got my Incredible last week I said WTF I am gonna root and ROM it. Worse case I switch back to my Droid when I brick the Inc.

So far it has been SUPER easy to root and backup/restore images. Basically, there is a one click root process for the HTC phones (EVO/Inc are basically the same phone - except the size) called Unrevoked that does all the work. Installs a recovery program called ClockworkMod recovery that you boot into like a BIOS and Roots the phone. A few more programs are installed from the market for free and you make a couple back ups. Download a ROM from the ROM manager app and hit install - phone reboots bamm new OS.

So far I have tried two ROMs.

Cyanogen - probably the most popular ROM out - stock android, very fast, lots of customization.

Myn's Warm Two Point Two By Incubus26Jc - Sense ROM with goodies - wifi tether - dark theme with transparent menus etc, very fast

Here it is on a EVO


And of course I re-flashed back to my normal sense back up in between trying the two ROMs above... takes about 5 mins and everything is exactly how you left it.