I have the same problem. I did a factory reset and it looked like it was going to be stable, but then I started to actually use the phone and it is still doing the reboot thing.
I've also just noticed that although hboot is unlocked, I still have s-on. I ran through all the instructions step by step and everything completed successfully though.
I don't know what to do at this point. This phone has been a major pita to do this to! I've been trying to get it rooted since yesterday and I'm afraid of what to do next. I really have no idea where to go from here.
I should have just let the damn thing be. I'm going out of town tomorrow morning and it sure would be nice if I had a working phone with me.
Any help would be greatly appreciated.
Edit 1: Tried clearing cache & davlik, continues to reboot. Tried fixing permissions in recovery, still rebooting. Seems that If I do a factory reset, it's stable. Until I actually use the phone. As soon as I go through the initial prompts, it reboots. Sometimes in the middle of going through the prompts, sometimes afterwards.
Edit 2: Loaded the PB31IMG.zip file onto the SD card, loaded hboot, it saw it and had the blue bar along the side. Then it flashed something like "no image, wrong image" and then went back to the hboot screen. Loaded another PB31IMG.zip file that I had (Froyo-Stock-recvery_PB31IMG) on the SD card and had the same thing happen. Now when I load hboot and select the factory reset option, it loads the clockwordmod recovery 5.0.2.0 screen and sits there.
Edit 3: Tried going into safe mode to see what would happen. Got the initial setup screens. Pressed next, next, next, etc. then it rebooted. It stayed at unlock screen for a minute and then rebooted again. Then had the htc incredible white screen go into a reboot loop a couple times. Then it looked like it was going to boot fine, but it didn't. Out of ideas at the moment.
Edit 4: Just going through some saved postings and thought I'd try to manually push the recovery.img from unRevoked using the command "fastboot boot recovery.img". Nothing changed.
Edit 5: Followed the guide by scotty85 at
http://androidforums.com/incredible...ow-unlock-downgrade-achieve-s-off-htcdev.html and found step I was missing. I now have hboot unlocked and s-off! However, I'm still on the newer hboot version (1.02.0000); should I try and downgrade that? Can I? And if so, how?
Edit 6: Since hboot is now unlocked and I have s-off, I decided to restore an image I made the other day with my old device that got replaced by this one. And of course, that was rebooting as well. So I loaded up a plain, fresh rom and that one is also rebooting.
I'm now convinced that I have bad hardware. I'm trying to un-root it and am not having much luck. I've gotten s-on now again and installed the default recovery. But I can't seem to get GB installed on it no matter what I try. I've tried the SD card way and the RUU, nothing is working.
Heck, right now my phone is stuck at the first htc incredible white screen. Not looking good.