I have a solution to the haptic feedback and other "vibrate" features which are unable to be turned off via software/firmware settings. This is both 100% effective, and completely reversible so as not to void your warranty.
First, there is a tiny motor inside the phone which is what creates the vibration. The motor has an impeller on it which is essentially half of a barrel shaped slug. The slug is mounted to the motor's shaft such that the slug sits off-center. This way, when the motor spins, it swings the impeller around creating centrifugal force. Since the impeller is mounted off-center, the centrifugal force causes the impeller to attempt to pull the motor off-center in the direction of the impeller. Of course, the motor is mounted to the phone, so that "pulling" is transmitted to the phone instead, hence the vibration you feel and hear.
Perhaps a simple way to explain this is to think of a window fan, a propeller on a plane or a "screw" on a boat motor. Since those propulsion apparatus have blades which are balanced in such a way that they all counterweight each other, there is no vibration while the motor spins them. But think what would happen if you broke off one of the blades and left the other(s). Then the thing would shake violently while it spins since the blade is no longer balanced. Another example is a car wheel that is out of balance. As you are driving down the highway, you would feel a vibration in the car and steering wheel caused by the wheel shaking from side to side or up and down. This is exactly the method used to create the vibration used in these phones (and also in pagers).
So, let's see that motor. Friends, turn off your phones first by holding down the power button until the menu appears asking you if you want to go to "Silent mode", "Airplane mode", or "Power off". Select Power off and wait until all the phone's lights go off, including the 4 soft buttons at the bottom. Now, turn the phone over and remove the battery cover. It is removed by pressing rather firmly on the area around the Motorola "M" logo, and then while pressing and pulling your fingers downward - sliding the door downward toward the bottom of the phone where the silver speaker grille is located. It takes a bit of effort at first, but eventually, it will break loose and slide downward with a "snap" that you will feel and may hear, and it will move to nearly completely cover the speaker grille. Once the door snaps loose, remove it either by gently pulling one end straight up and then gently lifting completely off, or simply flip the phone over into your palm and the door should fall off into your hand. Once removed, set the battery door aside.
Next, remove the battery by inserting a fingernail or penny underneath the bottom end of the battery right above the speaker grille and where the battery is labeled with Black text on a White background "BATTERY REMOVAL HERE". Gently pry the bottom end of the battery up then lift it completely out. Place the battery aside in a safe place making sure the 4 gold contacts on the top end of the battery don't come in contact with anything that is electrically conductive such as Aluminum Foil, a chain or bracelet, wires, etc., and possibly shorting the battery.
OK, now let's locate the vibrator. First place the phone face-down on a flat surface such as a table (best to do this on a soft cloth) and orient it so the the top of the phone is pointed away, the bottom of the phone is pointed at you and you are looking straight into the battery compartment. Take notice of the area on the far left next to the opening for the battery and you will see the words "Motorola" and "Engineering" embossed into the casing. You will also see two ridges of the case that are separating the two words. We will refer to those ridges later.
Now, look into the compartment in which the battery occupied and on the left side of that opening you will see a small cutout opening along the side about halfway between top and bottom of the battery compartment. Inside that opening is a small Silver apparatus that has a flat side facing out *(that's the motor)* and then further toward the top of the phone in that same cutout you may either see the motor shaft (a rod that's about as thick as a pin) with something attached or what looks like a rounded block of Silver metal *(that's the impeller)*.
Since the motors used in these devices are a type of motor known as inductive, they do not have "brushes" like many larger motors, and the part that spins inside which is attached to the motor's shaft is actually a very small barrel shaped permanent magnet structure known as a rotor. The motor spins that rotor by electrically exciting sets of opposing coils of wire surrounding it in rapid succession creating tiny electromagnets which then cause the permanent magnets in the rotor to pull toward the excited magnetic coils. As the electromagnets turn the motor, each next set of coils in succession slightly farther around the motor casing are excited and the rotor then wants to pull farther toward the newly excited coils. For one complete revolution of the motor, the many coil pairs are excited in succession from 4 to as many as 16 times or more (depending on the number of coils and precision of the motor). This entire process happens several hundred times per second to create the spinning of the rotor. The reason I point this out is because with this type of motor the only moving part is the combined permanent magnet rotor/shaft/impeller, so preventing the rotor from spinning does no permanent damage to the motor and once you release the impeller, it simply begins spinning freely again.
What we are going to do is essentially tape the impeller into a fixed position and prevent the motor from spinning the rotor, shaft and impeller, effectively and completely stopping the vibration. I used Fiberglass reinforced tape, but I am relatively sure that even the simplest of adhesive tapes would do the trick. Since the tape can be removed quickly and easily, the process is instantly reversible and the motor will simply resume normal operation thereby not voiding your warranty. Just make sure if you do have a warranty claim to remove the tape before returning the phone for service or replacement.
Now take a small piece of tape, about 3/4 of an inch long and trim a slice off of it about 1/8 to 3/16 wide. This slice will be first applied to the impeller, then taped up the side of the battery compartment and eventually over the top and down along in between the two ridges I mentioned earlier. It takes a steady hand and a good pair of reading glasses to see this well and accomplish this, but if you are calm and patient and don't rush it, it will work out fine. For me, I also used the help of a small paring knife to help position the impeller in order to accept the tape, and also to affix the tape onto the impeller and gently rotate the impeller to make sure I had it well attached with the tape.
Once I had the rounded portion of the impeller firmly affixed with the end of the tape strip, I gently pulled the strip up until it contacted the side of the battery compartment, pressed it into place, and then finally bent it over the top and pressed it down in between the plastic ridges. You may need to trim off a small portion of the free end of the tape before pressing it between the ridges, so that it doesn't stick out of the back of the phone once the battery door is reattached. How convenient of Motorola to place those ridges there as they not only make it easy to slide the door up and down while attaching and removing (their intended purpose), but they also prevent the battery door from rubbing against the sliver of tape and gumming up the works while doing so.
I have attached several photos illustrating portions of the process, as well as a close-up photo of what the motor and impeller look like from within a partially disassembled Motorola Droid (pulled from the web). In that photo, you can clearly see both the motor and the half-round slug that is the impeller, and from that shot you can envision how the tape would wrap around the rounded side of that impeller and then affix to the casing wall preventing it from turning.
Now it's just replacing the battery by inserting the end with the contacts toward the top of the phone to line up with the 4 contact tabs, then pressing the battery down flat into the compartment. Finally, take the door and gently lay it on top and align the 4 metal tabs on the door with the 4 slots (2 on each side). The door should drop into the tab slots with no pressure. If they don't then it's not aligned properly - DON'T force it. Once it has dropped down into its proper position, again press the door flat to the phone and this time work the door upward toward the top of the phone until it snaps back into the locked position. The operation was a success and now it's time to try it out.
Eventually once you power up the phone, right away, you'll notice that unlocking the phone happens without the familiar jolt, confirming the mod was successful. You will still want to turn off all the software settings that are related to vibration and haptic feedback simply to minimize the wasting of battery power since even though it won't turn, the motor will still consume as much power as if it were.
This temporary modification prevents ALL vibration including the haptic "buzz" when you unlock the phone, and also the "bump" (as Matt at the Motorola Forum calls it) when you press the softkeys at the bottom of the display. For those of us who may still want some form of feedback that a button press was detected properly (but not vibration), you can set the phone to make the "click" sound when making on-screen menu selections, and also for when locking and unlocking the phone. Unfortunately this audible feedback doesn't work for the 4 soft keys at the bottom of the display as well (another bug in my opinion).
Until Motorola and/or Google decide to fix these bugs, you will at least not have to deal with the undesirable and irritating vibration. Just remember, if you should ever wish to silence your phone and set it to "vibrate" (such as at a movie or in a meeting), unless you have first removed the tape IT WILL NOT VIBRATE.