We had a false alert a few weeks back, and now it seems an honest to God root on the Incredible has been achieved. Although, the root is no where near ready for the prime time. It is not permanent and very very complicated at this point. The good news is that they have found a way, now to try and further exploit that method. If you are curious as to how exactly they are accomplishing this you can read all about it on the following RootWiki.
Big thanks to @phikai for sending this in. He has been following it closely and keeping me updated along the way. Please keep in mind the instructions and methods on the RootWiki page are for those who know what they are doing, not for someone to dabble with. We are not responsible if you brick your Incredible. Leave it to the people who know what they are doing, just be patient.