I came across this video on youtube where this guy named tc9918 bought the Droid X on launch day but experiencing screen issues after 1 hours of using it.  He tried really hard to fix it but it hasn't helped.  So looks like he will be bring it to Verizon for an exchange.

7/15/2010 - I bought this Droid X this morning. I've had it all of about 11 hours, when this began. It appears to be a problem with just the screen or graphics subsytem. Interacting with the device seems bring up the expected screens and apps.

Remediation Attempts: I've tried a hard reboot, removing the battery, killing apps and widgets, turned off bluetooth/wifi/geoloc/etc, changing the wallpapers to no effect.

Sleeping the phone by pressing the top button, and letting it sit for a few minutes seems to quell the issue for a couple minutes. Once it's turned back on, the screen begins to flicker again, and eventually you get the nasty lines back. I will take it to back to verizon tomorrow.

And for the record, it hasn't been dropped or abused. It's been in the protected silicone sleeve that I bought with it since this morning. I also got the leather belt clip, it's been sitting in both.