Looks like HTC finally came through on recording both sides of the call without using the speakerphone...
http://wmpoweruser.com/?p=2341
I for one am VERY excited about this!!
EDIT: According to the XDA discussion linked below, this is not working that well for CDMA Touch Pros or Diamonds
The good news is that it is a start and it appears that they are making progress.
http://forum.xda-developers.com/showthread.php?t=457808
-s