Trekbuddy has similar position recording abilities and is also really good. It can record in GPX and NMEA formats. But the main reason I like Trekbuddy is that you can create your own Atlas/Maps, which means (with a whole load of screen grabbing from my OS digital maps purchased from Mapyx) I can use my collection of OS 1:25k maps on the move. Also being able to plot your route as waypoints in advance then export from your digital mapping program of choice (Mapyx Quo for me) to view on your Trekbuddy display is essential for me.
Trekbuddy's been around for a few years now and I used to use it as a Java application on my SE P1i but the developer started packaging it for Android about a year ago.
The only downside to Trekbuddy (as of a few months ago when I last checked) is that it doesn't support the built-in GPS on the HTC Desire, but I tend to use a Bluetooth GPS receiver (Holux M-1200) anyway for better accuracy and improved battery life of the phone. Also means I can keep the phone out of the way of crud and rocks when mountain biking as well.
Updating of your position to Google Maps is pretty cool though. I developed my own solution for a charity bike ride where the GPX data would be sent by HTTP POST to a server and stored in a DB, then plotted on a Google Map so people could follow our progress on the website.
I think there's an official Ordnance Survey mobile application for displaying their digital maps on iTard devices. But there's nothing for Android and their digital mapping is so overpriced it's sick.