I can't find it now, but I thought I read a thread along time ago where folks were trying to port the "video out via usb" code from the incredible to the droid 1.
I asked this question a couple of days ago.... search micro-usb (or mini-usb) video out..... I'm in a rush right now or I'd talk more about it.... I am looking to try something that MAY work.... The HTC Incredible has a micro (or mini, whichever we have)-usb to video out.... It seems it may work. Google search that too.
Give me about 3 hours and check again, I'll be home then.
There's really no status. There's no video out and a USB to composite cable will not be sufficient by itself as the device has to support video out (the Droid does not).