Leaving security aside, "incorrect username/password" is still the more correct and useful statement.
Consider the case where you mistype your username (email). For sites like amazon, gmail, hotmail, yahoo, twitter, etc, it is entirely likely that the mistyped username is somebody else's valid username, you typed the password correctly, and "incorrect password" would hide the problem.
Consider the case where you mistype your username (email). For sites like amazon, gmail, hotmail, yahoo, twitter, etc, it is entirely likely that the mistyped username is somebody else's valid username, you typed the password correctly, and "incorrect password" would hide the problem.