At first you would think that the HTC Droid Incredible has a better camera than the iPhone - 8MP vs 5MP, but it's not. The iPhone 4 is capable of capturing sharper and more natural looking photos than the Incredible. Another problem with the Droid Incredible's camera is the dual LED flash which, when used, gives photos an over-exposed look, especially in low light environments.
Apple iPhone 4 vs HTC Droid Incredible, which has the better video playback feature? Both. The iPhone 4 and HTC Droid Incredible are capable of running videos smoothly with detailed colors. But unfortunately, the HTC Droid Incredible can only record 800 x 480 pixel resolution videos at 27 FPS. Compare this with the iPhone 4's 720p video capture features at 39 FPS and we don't have a fair comparison.
Another area where the iPhone 4 beats the HTC Droid Incredible is on the video chat facility. The iPhone 4's FaceTime is one of the best things to happen to the iPhone 4. Plus of course its front-facing camera which enables the FaceTime feature. Too bad, the HTC Droid Incredible can only do voice chat through the Fring Android app.
Finally, how good is that multimedia content if you can't store it on your device for viewing any time, anywhere? In this regard, the HTC Droid Incredible beats the iPhone 4. The Droid Incredible has 8GB internal storage which you won't probably use because it also has support for microSD. The iPhone 4 only has internal memory storage which is good at up to 32GB.