As for the unable to set Speed Dial problem with Verizon HTC Droid Eris after getting Android 2.1 Update, there are solutions for it so far, including: Verizon Phone Problems and solutions
Method 1
do a factory reset (Settings -> Privacy -> Factory Reset), which is verizon’s recommended solution.
Methos 2
ThisĀ is a very Easy fix and a Reset is not neede, all you have to do is clear the app data for the following items:
setings>Applications>Manage Applications >Dialer Verizon HTC Droid Eris Info
setings>Applications>Manage Applications >Contacts Storage
But please note this Should have you up an running.
However, all these is not the most effective solutions, I think Veirzon or HTC should offer a bug or release one perfect software update for us as soon as possible.
via HTC.com
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Tags: Htc Droid Eris, HTC Droid Eris Android 2.1 Update, HTC Droid Eris Android 2.1 Update issue, HTC Droid Eris software update, HTC Droid Eris software Update problem, setting Speed Dial issue, Verizon Droid Eris

Get free “Dialer One” – in the “about” it tells you how to add speed dial to a number. Summarizing here:
find the contact in your list
long press on contact (in the list)
scroll down in the popup menu to “speed dial” and select phone number and speed dial number (2-99)
Then, to speed dial that person, you’d just long-press the dialpad number.
Worked for me! No factory reset required